Nigeria has exited its worst recession in decades, after the economy grew by 0.11 percent in the fourth quarter of 2020, according to the latest computation from the National Bureau of Statistics (NBS).
Nigeria slipped into its latest recession in 2020 after two successive quarters of negative growth, no thanks to the novel coronavirus pandemic and a slump in the global price of crude oil.
But things are beginning to look up again it appears, however marginally.
The NBS reports that "Q4 2020 Real GDP grew (after previous 2 consecutive contractions) by 0.11% (-6.10% in Q2 2020; -3.62% in Q3 2020; & 2.55% in Q4 2019).
"Cumulative GDP for the whole of 2020 stood at -1.92% (2.27% in 2019)."
Inflation remains high however at 16.47 percent.