Experts Divided Over Nigeria's Recovery From Recession

Nigeria's economy exited a recession in the fourth quarter of 2020, recording its first growth in three quarters as the novel coronavirus lockdown was lifted across the country, according to a National Bureau of Statistics report. While some experts agreed the early exit from recession was expected, others cast doubt on the figures, saying the reality on the ground does not suggest that the economy is in any way better than during the recession. Its gross domestic product contracted for a second consecutive quarter, causing the country's second recession in five years. A crash in oil prices hammered state revenue, creating large financing needs and weakening the naira currency. In January 2021, Nigeria's inflation rose to its highest level since July 2008, making it the highest in over 11 years. Analysts blame the rise on the Covid-19 pandemic, dollar shortages, and lingering restrictions on imports of certain food items despite the re-opening of the borders.

 

 

 

 

InFocus

Lagos, Nigeria.

Don't Miss

AllAfrica publishes around 800 reports a day from more than 130 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.