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Nigeria annual overall GDP in 2020 went from N71.39 trillion recorded in 2019 to N70.01 trillion a -1.92% contraction.
Nigeria appears to be approaching the end of its recession caused by the pandemic after a contraction was announced in September 2020. Its GDP in the fourth quarter reached 0.11% (year-on-year) in real terms representing the only positive quarterly growth of 2020.
On a quarter on quarter basis, real GDP growth was 9.68% and higher than Q3 2020, by 3.74% points. However, it is still lower than Q4 2020 growth rate from the previous year by –2.44% points.
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.
Though weak, it is sufficient to lead the country out of recession and signals a positive step in the right direction for the economy.
