Nigeria claws out of recession

By Emeka Chiaghanam

Nigeria's economy is out of recession with 0.11 per cent Gross Domestic Product (GDP) recorded in the last quarter of 2020.

The Minister of State, Budget and Economic Planning, Clem Agha, announced this on Thursday, at the commissioning of a 3.5 kilometre Ring road executed by the Federal Ministry of Agriculture and Rural Development at Umucheke, Okwe, in Onuimo Local Government Area of Imo State.

Mr.  Agha said the progress was achieved due to the implementation of the FG’ s economy sustainability plans.

His declaration came as National Bureau of Statistics (NBS) reported that Nigeria’s Gross Domestic Product (GDP) grew by 0.11 per cent 

 in real terms in the fourth quarter of 2020

According to the NBS, the growth represents the first positive quarterly growth in the last three quarters, thus paving way for the country to exit an economic recession it fell into at the end of the first quarter of 2020 following the coronavirus pandemic outbreak.

The surprise rebound means Africa’s largest economy may recover faster than expected as the oil price and output increase this year. It could also point to the growing importance of the non-crude sector. Growth in agriculture and telecommunications offset a sharp drop in oil production.