Nigeria’s GDP shrinks by 1.92% in 2020 – NBS

Nigeria’s Gross Domestic Product (GDP) contracts by 1.92% in real terms in 2020 from N71.39 trillion recorded in 2019 to N70.01 trillion.

This is according to the Gross Domestic Product Report, released by the National Bureau of Statistics (NBS) on Thursday.

However, the economy posted real GDP growth of 0.11% in the fourth quarter of the year, suggesting that the economy is exiting the covid induced recession.

More details shortly.

Suzan O/NBS