After two consecutive sluggish performances which plunged the economy into recession, Nigeria’s economy rebounded in the last quarter of 2020 with the Gross Domestic Product (GDP) growing by 0.11 percent year-on-year.
The National Bureau of Statistics (NBS) reported the positive trend in its published on Thursday.
The report stated: “Nigeria’s gross domestic product (GDP) grew by 0.11 percent (year-on-year) in real terms in the fourth quarter of 2020, representing the first positive quarterly growth in the last three quarters,” the report read.
“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 percentage points, it was higher by 3.74 percentage points compared to Q3 2020.
“On a quarter on quarter basis, real GDP growth was 9.68 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”, the NBS added.
On the oil sector performance during the quarter in review, the agency reported that an average daily oil production of 1.56 million barrels per day (mbpd) was recorded in the fourth quarter of 2020; 0.11mbpd lower than the production recorded in the third quarter.
This implies that on a year-on-year basis, the oil sector grew by -19.76 percent while in year 2020 the sector grew at –8.89 percent compared to 4.59 percent in 2019 and contributed 5.87 percent to total real GDP during the quarter in review.
The Bureau also reported that in real terms, the non-oil sector contributed 94.13 percent to the nation’s GDP in the fourth quarter of 2020, higher than the 92.68 percent share it recorded in the corresponding period of the previous year and the 91.27 percent of Q3, 2020.
For 2020, the report indicated the non-oil sector contributed 91.84 percent to real GDP, higher than 91.22 percent recorded in 2019.