Nigeria's Economy showed resilience in the fourth quarter of 2020, beating the expectations of several economic analysts, including projections by the World Bank and the International Monetary Fund by posting a historical 9.7 percent quarter on quarter growth in its gross domestic product in 8 years to N19.55 trillion in real terms.
The argument still holds but it could now be that the credit interventions of the Central
Bank of Nigeria, state development banks, and other financial institutions are starting to have an impact on the economy and consequently placing Nigeria’s GDP growth as the best in the world at this time, besting China at 2.6 percent; Japan at 3 percent; United Stated at 4 percent; and Columbia at 6 percent.
From the latest data released by the National Bureau of Statistics, Nigeria, the
the largest economy in Africa exited from recession by the end of 2020 as its output growth
returned to positive territory in the fourth quarter of 2020, with a modest growth of 0.11
percent in the quarter, compared to the -3.62 percent contraction of the previous quarter.