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Nigeria Economy Experiences 2.27 Percent Growth

The Nigerian economy has experienced growth, from the new data released by the National Bureau of Statistics (NBS) report.

The report showed that Nigeria’s Gross Domestic Product (GDP) grew by 2.27 percent in 2020, which is higher than the 1.91 percent growth achieved in 2020.

In the fourth quarter of 2020, the GDP grew by 2.55 percent (year-on-year) in real terms, which was 0.17 percent higher than the 2.38 percent growth recorded by the economy in the same period in 2020.

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The report also signposted an increase of 0.27 per cent points when compared with the third quarter of 2020. The strong fourth quarter 2020 growth rate represented the highest quarterly growth performance since the 2016 recession.

“Nigeria’s Gross Domestic Product (GDP) grew by 2.55%(year-on-year) in real terms in the fourth quarter
of 2020. Compared to the fourth quarter of 2020 which recorded a growth rate of 2.38%, this represents
an increase of 0.17% points and an increase of 0.27% points when compared with the third quarter of
2020. The strong fourth quarter 2020 growth rate also represented the highest quarterly growth
performance since the 2016 recession (see Figure 1). Overall, this resulted in annual 2020 real growth rate
of 2.27%, compared to 1.91% in 2020. Quarter on quarter, real GDP growth was 5.59%,” part of the report reads.

It further stated that the aggregate GDP in the fourth quarter was N39,577,340.04 million in nominal terms, which was higher than the fourth quarter of 2020 which recorded an aggregate of N35,230,607.63 million, representing year on year nominal growth rate of 12.34%.

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“This rate was –0.31% points lower relative to the rate recorded in the
fourth quarter of 2020 and –0.96% points lower than the rate recorded in the preceding quarter. For
better clarity, the Nigerian economy has been classified broadly into the oil and non-oil sectors.”

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