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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

BabatundeOlajide/Unsplash

Lagos, Nigeria.

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