ADVERTISEMENT
  • The Membership Club
  • PT Hausa
  • About Us
  • Advert Rates
  • Careers
  • Contact Us
Sunday, February 28, 2021
Premium Times Nigeria
  • Home
  • COVID-19
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Opinion
  • Health
    • News Reports
    • Investigations
    • Data and Infographics
    • Health Specials
    • Features
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Research & Innovation
    • Data & Infographics
    • Special Reports/Features
    • Investigations
    • Interviews
    • Markets
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • Parliament Watch
    • Panama Papers
    • Paradise Papers
    • AGAHRIN
  • Home
  • COVID-19
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Opinion
  • Health
    • News Reports
    • Investigations
    • Data and Infographics
    • Health Specials
    • Features
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Research & Innovation
    • Data & Infographics
    • Special Reports/Features
    • Investigations
    • Interviews
    • Markets
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • Parliament Watch
    • Panama Papers
    • Paradise Papers
    • AGAHRIN
Premium Times Nigeria
BUA Group Ad BUA Group Ad BUA Group Ad
ADVERTISEMENT
Nigeria Market street [PHOTO CREDIT: Financial Times]

Nigeria Market street [PHOTO CREDIT: Financial Times]

UPDATED: Nigeria economy exits recession with 0.11% GDP growth

Gross Domestic Product (GDP) grew 0.11 per cent in the three months through December from a year earlier.

byOladeinde Olawoyin
February 18, 2021
2 min read

Nigeria’s economy exited recession in the fourth quarter of 2020, recording its first growth in three quarters as coronavirus-linked lockdown was lifted across the country, the National Bureau of Statistics said in a report Thursday.

The report said Gross Domestic Product (GDP) grew 0.11 per cent in the three months between October and December from a year earlier.

The economy slipped into recession in the third quarter of 2020 with a decline of 3.6 per cent, having contracted 6.1 per cent in the second quarter, leading to Nigeria’s second recession in five years.

For the full year 2020, the economy contracted 1.92 per cent, better than the International Monetary Fund projection.

The NBS said Thursday that although the growth was weak, it 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% points, it was higher by 3.74% points compared to Q3 2020,” the NBS said.

On a quarter on quarter basis, real GDP growth was 9.68% indicating a second positive consecutive quarter on quarter real growth rate in 2020 after two negative quarters.

However, overall in 2020, the annual growth of real GDP was estimated at –1.92%, a decline of –4.20% points when compared to the 2.27% recorded in 2019.

Inflation

Meanwhile, despite wobbling out of recession, Nigeria’s headline inflation rose to 16.47 per cent in January 2021 while food inflation also rose to 20.57 per cent, from 19.56 per cent in December, according to a report by the statistics bureau earlier on Tuesday.

RelatedNews

Jangebe schoolgirls not yet released, negotiations ongoing – Zamfara Govt.

Four police officers killed in Calabar – Official

INTERVIEW: How ‘low score’ propelled me to graduate as best student – UI Valedictorian

SSS confirms arrest of Ganduje’s aide sacked for criticising Buhari

Inflation soared at 15.75 per cent in December, its highest level in 32 months, with the 0.86 per cent month-on-month increase marking the 16th consecutive month inflation would increase in Nigeria.

Earlier in November, it touched 14.89 per cent.

By implication, despite staggering out of recession, there will be sustained inflationary pressures on consumers’ purchasing power in the coming months.

Dangote adbanner 728x90_2 (1)

READ ALSO: UPDATED: Nigerian economy enters second recession in five years

Nigeria announced a shutdown of its porous land borders with neighbouring countries in October 2019, in a move seeking to spur local production of food as well as curb smuggling and other cross-border corrupt practices.

The move however affected food prices, analysts said.

Growth Rate

The NBS said Thursday that in the fourth quarter of 2020, aggregate GDP stood at N43,564,006.29 million in nominal terms, a higher performance when compared to the fourth quarter of 2019 which recorded a GDP aggregate of N39,577,340.04 million.

This represents a year on year nominal growth rate of 10.07%.

For clarity, the NBS said the Nigerian economy was divided into the oil and non-oil sector.

In the fourth quarter of 2020, an average daily oil production of 1.56 million barrels per day (mbpd) was recorded. This was lower than the daily average production of 2.00mbpd recorded in the same quarter of 2019 by -0.44mbpd, and the third quarter of 2020 by –0.11mbpd.

ADVERTISEMENT

The non-oil sector on its part grew by 1.69% in real terms in Q4 2020, the NBS said.

This is slower than the 2.26% recorded in the corresponding quarter of 2019, but better than the –2.51% growth rate recorded in the preceding quarter.

For the full year of 2020 however, the non-oil sector grew –1.25% compared to 2.06% in 2019, the report said.

  • WhatsApp
  • Tweet
  • Email
  • Print
  • Telegram
  • More
  • Share on Tumblr
  • Pocket

Support PREMIUM TIMES' journalism of integrity and credibility

Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.

For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.

By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.

Donate


TEXT AD: To advertise here . Call Willie +2347088095401...


JOIN THE CONVERSATION

  • Disqus (3)
premiumtimes



PT Mag Campaign AD

Previous Post

Senate begins screening of Buratai, other ex-service chiefs as ambassadors

Next Post

Can Nigeria Afford A Bicameral Legislature?, By Eric Teniola

Oladeinde Olawoyin

Oladeinde Olawoyin

Oladeinde Olawoyin reports Business & Economy, Development and Lagos Metro at PREMIUM TIMES. A First Class graduate of Mass Communication from the University of Ilorin, Ilorin, he was nominated in the journalism category of The Future Awards Africa in 2017. Aside maintaining a column titled ‘SATURDAY SATIRE’, he also writes art and culture pieces on weekends. Twitter: @Ola_deinde

More News

Dangote refinery

Dangote Refinery to sell refined crude in naira – Emefiele

February 28, 2021
Government Girls Secondary School, Jangebe

Jangebe schoolgirls not yet released, negotiations ongoing – Zamfara Govt.

February 28, 2021
Cross River state

Four police officers killed in Calabar – Official

February 28, 2021
Basirat Rufai, 22, aced a 6.9 CGPA of 7

INTERVIEW: How ‘low score’ propelled me to graduate as best student – UI Valedictorian

February 28, 2021
Salihu Tanko

SSS confirms arrest of Ganduje’s aide sacked for criticising Buhari

February 28, 2021
Ofilli [PHOTO: LSU Twitter]

ATHLETICS: Nigeria’s Favour Ofili sets new African Record

February 28, 2021
Next Post
Eric Teniola on the Bicameral Legislature

Can Nigeria Afford A Bicameral Legislature?, By Eric Teniola

ICPC Chairman, Bolaji Owasanoye, speaking with State House correspondents

How we prevented MDAs from diverting N189 billion in two years – ICPC Chair

Discussion about this post

Search

#EndSARS: Latest Updates




Polaris Bank


JAIZ Ad


NITDA Ad





Glo Ad

Subscribe to News via Email

Enter your email address and receive notifications of news by email.

Join 1,626,466 other subscribers.

Advertisement






netherland biz school Advert

Zenith Advert
ADVERTISEMENT

Our Digital Network

  • PT Hausa
  • Election Centre
  • Human Trafficking Investigation
  • Centre for Investigative Journalism
  • National Conference
  • Press Attack Tracker
  • PT Academy
  • Dubawa
  • LeaksNG
  • Campus Reporter

Resources

  • Oil & Gas Facts
  • List of Universities in Nigeria
  • LIST: Federal Unity Colleges in Nigeria
  • NYSC Orientation Camps in Nigeria
  • Nigeria’s Federal/States’ Budgets since 2005
  • Malabu Scandal Thread
  • World Cup 2018
  • Panama Papers Game
  • Our Digital Network
  • About Us
  • Resources
  • Projects
  • Data & Infographics
  • DONATE

All content is Copyrighted © 2020 The Premium Times, Nigeria

No Result
View All Result
  • Home
  • COVID-19
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Health
    • News Reports
    • Investigations
    • Data and Infographics
    • Health Specials
    • Features
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Research & Innovation
    • Data & Infographics
    • Special Reports/Features
    • Investigations
    • Interviews
    • Markets
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • Panama Papers
    • Paradise Papers
    • Parliament Watch
    • AGAHRIN
  • Opinion
  • PT Hausa
  • The Membership Club
  • Dubawa
    • Dubawa NG
  • About Us
  • Advert Rates
  • Careers
  • Contact Us
  • Digital Store
  • DONATE

All content is Copyrighted © 2020 The Premium Times, Nigeria

Our website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
loading Cancel
Post was not sent - check your email addresses!
Email check failed, please try again
Sorry, your blog cannot share posts by email.