By Favour Nnabugwu
The nation’s Gross Domestic Product (GDP) grew year-on-year (y/y) by 0.11 percent in the fourth quarter of last year (Q4 2020) aggregate GDP stood at N43.6 billion.
This represents the first positive growth in the last three quarters of the year where GDP stood at 1.87 percent, -6.10 percent and -3.6 percent respectively..
In its Nigerian Gross Domestic Product Report (Q4’20), released today, the National Bureau of Statistics (NBS) noted that the positive growth reflected the gradual return of economic activities following the easing of restricted movements and limited local and international commercial activities in the preceding quarters of the reviewed period.
The report stated: “Nigeria’s Gross Domestic Product (GDP) grew by 0.11 percent(y/yr) in real terms in the fourth quarter of 2020, representing the first positive quarterly growth in the last three quarters.
“Though weak, the positive growth 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 percent points, it was higher by 3.74 percent points compared to Q3’20.
“On a quarter on quarter basis, real GDP growth was 9.7 percent indicating a second positive consecutive quarter on quarter real growth rate in 2020 after two negative quarters.
“Overall, in 2020, the annual growth of real GDP was estimated at –1.92 percent , a decline of 4.20 percentage points when compared to the 2.27 percent recorded in 2019.
“In the quarter under review, aggregate GDP stood at N43.5 billion in nominal terms. This performance is higher when compared to the fourth quarter of 2019 which recorded a GDP aggregate of N39.5 billion, representing a y/y nominal growth rate of 10.07 percent. This growth rate was lower relative to growth recorded in the fourth quarter of 2019 by –2.26 percent points but higher than the preceding quarter by 6.7 percentage points with growth rates recorded at 12.3 percent and 3.4 percent respectively.”
