BREAKING: Nigeria, Africa’s largest economy, exits recession

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Recession harrow now down as Buhari achieves promised economic recovery.

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By BASHIR ADEFAKA

 

The Bloomberg reported the latest development as “Nigeria’s economy unexpectedly came out of a recession in the fourth quarter as restrictions to curb the spread of the coronavirus were eased.” But the Minister of Finance, Budget and National Planning, Hajia Zainab Ahmed, had on Monday November 23, 2020 predicted the country would exit the recession by the first quarter of 2021.

The Nigeria, undisputably largest economy in Africa, has exited recession.

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This good news was coming on the heels of the country’s Gross Domestic Product (GDP), which grew by 0.11% (year-on-year) in real terms in the fourth quarter (Q4) of 2020, representing the first positive quarterly growth in the last three quarters.

The information 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 Bloomberg reported the latest development as “Nigeria’s economy unexpectedly came out of a recession in the fourth quarter as restrictions to curb the spread of the coronavirus were eased.”

But the Minister of Finance, Budget and National Planning, Hajia Zainab Ahmed, had on Monday November 23, 2020 predicted the country would exit the recession by the first quarter of 2021.

Ahmed reportedly made the prediction about the recession at the 26th Nigerian Economic Summit during the period organised by the Nigerian Economic Summit Group and the Ministry of Finance, Budget, and National Planning.


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