By the return of economic activities following the relaxation of restricted movements and encouraging packages by the CBN, Nigeria has ably exited recession.
National Bureau of Statistics says real GDP grew by 0.11% in the fourth quarter of 2020 which is higher compared to the -3.62% growth confirmed in third quarter of last year. For the full year 2020, Africa’s largest economy Nigeria contracted by 1.92%.
Crude oil production in Q4 2020 fell to 1.56 million barrels per day down from the 1.67 million barrels recorded per day in Q3 2020.
