Report published on Thursday by the National Bureau of Statistics (NBS) revealed that Nigeria is no longer in recession as our Gross Domestic Product (GDP) grew by 0.11% cent in the fourth quarter of 2020, representing the first positive quarterly growth in the last three quarters.
Nigeria slipped into recession in the third quarter of 2020 occasioned by coronavirus pandemic and falling oil prices.
Nigeria’s Finance Minister Zainab Ahmed predicted at the time that the country would exit the recession by the first quarter of 2021 — but new statistics show that a recovery came earlier.
According to NBS, the positive growth reflects the gradual return of economic activities following the easing of restricted movements” imposed to help contain the coronavirus pandemic.