National Bureau of Statistics (NBS) has on Thursday said Nigeria’s Gross Domestic Product recorded a slight growth of 0.11 per cent grew in Quarter Four (Q4) 2020, from the 6.11 per cent contraction in Q3, signaling a gradual recovery from recession.
NBS disclosed in its report ‘Nigeria’s Gross Domestic Product for Q4 and full-year 2020’ published on its website that GDP contracted by 1.92 per cent in 2020.
The bureau said this represented the first positive quarterly growth in the last three quarters.
NBS stated;
Though weak, the positive growth reflects the gradual return of economic activities following the easing of restricted movements and limited local and international commercial activities in the preceding quarters.
As a result, while the Q4 2020 growth rate was lower than growth rate recorded the previous year by –2.44 per cent, it was higher by 3.74 per cent compared to Q3 2020.
On a quarter-on-quarter basis, real GDP growth was 9.68 per cent indicating a second positive consecutive quarter-on-quarter real growth rate in 2020, after two negative quarters.
The bureau said overall, in 2020, the annual growth of real GDP was estimated at –1.92 per cent, a decline of –4.20 per cent when compared to 2.27 per cent recorded in 2019.
It stated that in the quarter under review, aggregate GDP stood at N43.564 billion in nominal terms.
This performance, the bureau said was higher when compared to Q4 2019, which recorded a GDP aggregate of N39.577 billion, representing a year-on-year nominal growth rate of 10.07 per cent.
