Nigeria Exits Recession with 0.11% Growth in Q4 2020

Africa’s largest economy Nigeria, has officially exited recession helped by the gradual return of economic activities following the easing of restricted movements and stimulus packages by the Central Bank of Nigeria.

National Bureau of Statistics says real GDP grew by 0.11% in the fourth quarter of 2020 which is higher compared to the -3.62% growth recorded in third quarter of last year. For the full year 2020, Africa’s largest economy Nigeria contracted by 1.92%.

Crude oil production in Q4 2020 fell to 1.56 million barrels per day down from the 1.67 million barrels recorded per day in Q3 2020.

 

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