Nigeria’s economy exits recession as GDP grows by 0.11% in Q4 2020

Nigeria’s Gross Domestic Product (GDP) grew by 0.11% (year on year) in real terms in the fourth quarter of 2020, representing the first positive quarterly growth in the last three quarters. This is contained in the Nigerian Gross Domestic Product report, published by the National Bureau of Statistics (NBS).

The growth was largely driven by positive growth recorded in the information and communication sector (15.9%) and agriculture (3.42%).

• The oil sector plunged by 19.76% (year on year) in real terms as against a contraction of 13.89% recorded in Q3 2020.

• The non-oil sector on the other hand grew by 1.69% in real terms, an improvement compared to the contraction of 2.51% recorded in Q3 2020. It however was slower than 2.26% recorded in the corresponding period of 2019.

• The service sector contributed 54.28% to the GDP in Q4 2020, followed by agriculture, which contributed 26.95%, and industries with 18.77%.

• Non-oil accounted for 94.13% while the oil sector accounted for 5.87% of the total GDP for Q4 2020.