Nigeria exits recession!   


Feb 18 (Lagos) - Data released by the National Bureau of Statistics (NBS) shows that the Nigerian economy expanded, after two consecutive quarters of contraction. The Nation’s Gross Domestic Product (GDP) grew by, +0.11% year-on-year in Q4 2020, with a cumulative 2020 GDP of -1.92% (from +2.27% in 2019).


This expansion is +3.73% better than -3.62% contraction recorded in Q3 2020, and -2.44% lower than the +2.55% growth recorded in Q4 2019.

 

Growth in the oil sector contracted by -19.76% year-on-year in Q4 2020, from -13.89% contraction in Q3 2020 and lower than +6.36% growth in Q4 2019, while the non-oil sector expanded by +1.69% in Q4 2020, better than -2.51% contraction in Q3 2020 and lower than +2.26% growth in Q4 2019. 



Overall, the Oil sector contribution declined to 5.87% of total real GDP in Q4 2020 from 8.73% in Q3 2020, while Non-oil contribution rose to 91.84% in Q4 2020, from 91.27% in Q3 2020.






reporting for easykobo.com on Thursday, Feb 18 2021 from Lagos, Nigeria
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