- Nigeria is no longer in recession according to the country's national statistical agency
- The new development was contained in the agency's latest report which was sent to the media
- The news is a big win for the Buhari administration as Nigeria gradually wriggles its way out of the COVID-induced recession
Nigeria has formally exited recession as the country's economy grew by 0.11 percent in the fourth quarter of 2020 according to a recent report released by the National Bureau of Statistics (NBS).
The latest development comes after two consecutive quarters of negative growth which resulted in Africa's biggest economy sliding into recession, the second time under the Buhari administration.
Part of the NBS report read:
“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.”
Meanwhile, in Akwa Ibom, Governor Udom Emmanuel has assured that his administration is leaving no stone unturned in ensuring that investments that belong to the people of the state are not left to waste, but are been put into productive use.
The governor made the promise on Thursday, February 11 while inaugurating a shopping mall at the Ibom Tropicana Entertainment Complex, Uyo.
He further assured that his administration remains committed to completing all projects initiated in the state for the benefit of the Akwa Ibom people before he vacates office in 2023.
Similarly, in Delta, Governor Ifeanyi Okowa has assured the people of the state his administration would achieve its set target before the end of his tenure.
The governor also promised that his administration would continue to give responsibilities and portfolios to people with experience in governance for the attainment of a stronger economy for the south-south state.
Jerrywright Ukwu is a senior political/defence correspondent at Legit.ng based in Abuja. He is a graduate of the Nigerian Institute of Journalism, Lagos and the International Institute of Journalism in Abuja. He is also an active member of the Nigeria Union of Journalists. He spends his leisure-time reading history books.