Nigeria’s Gross Domestic Product (GDP) grew by 0.11 percent(year-on-year) in real terms in the fourth quarter (Q4) of 2020, representing the first positive quarterly growth in the last three quarters.
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
Overall, in 2020, the annual growth of real GDP was estimated at –1.92 percent, a decline of –4.20% points when compared to the 2.27% recorded in 2019.
In the quarter under review, aggregate GDP stood at N43,564,006.29 million in nominal terms. This performance is higher when compared to the fourth quarter of 2019 which recorded a GDP aggregate of N39,577,340.04 million, representing a year on year nominal growth rate of 10.07%.
This growth rate was lower relative to growth recorded in the fourth quarter of 2019 by –2.26% points but higher than the preceding quarter by 6.68% points with growth rates recorded at 12.34% and 3.39% respectively.