• About Us
  • Contact Us
  • Advertise
  • Privacy Policy
Tuesday, March 9, 2021
Niger Delta Today
Advertisement
  • Home
  • Niger Delta
    • Abia State
    • Akwa Ibom
    • Bayelsa State
    • Cross River
    • Delta
    • Edo
    • Imo
    • Ondo
    • Rivers
  • National News
  • Politics
  • Metro
  • Business
  • Entertainment
  • Editorial
  • Opinion
No Result
View All Result
  • Home
  • Niger Delta
    • Abia State
    • Akwa Ibom
    • Bayelsa State
    • Cross River
    • Delta
    • Edo
    • Imo
    • Ondo
    • Rivers
  • National News
  • Politics
  • Metro
  • Business
  • Entertainment
  • Editorial
  • Opinion
Niger Delta Today
No Result
View All Result

Nigerian Economy ‘Unexpectedly’ Exits Recession

by Niger Delta Today
February 19, 2021
in Featured
0
ADVERTISEMENT

Nigeria’s economy unexpectedly came out of a recession in the fourth quarter as growth in agriculture and telecommunications offset a sharp drop in oil production.

Gross domestic product grew 0.11% in the three months through December from a year earlier, compared with a decline of 3.6% in the third quarter, the Abuja-based National Bureau of Statistics said on its website on Thursday. The median estimate of five economists in a Bloomberg survey was for a quarterly decline of 1.86%. The economy contracted 1.92% for the full year, the most since at least 1991, according to International Monetary Fund data.

The surprise rebound means Africa’s largest economy may recover faster than expected as the oil price and output increase this year. It could also point to the growing importance of the non-crude sector.

Oil production fell to 1.56 million barrels a day in the fourth quarter from 1.67 million barrels in the previous three months. While crude contributes less than 10% to the country’s GDP, it accounts for nearly all foreign-exchange earnings and half of government revenue in the continent’s biggest producer of the commodity.

Recommended For You

Economy: Pat Utomi Faults Buhari, Says Nigeria Better Under Jonathan’s Regime

ALARMING: Nigeria Spends N1.1trn to Service Foreign Debt in Q2’20

Anxiety As FG Says Nigeria May Slide Into Another Recession

Debate On NBS’ Rating of Delta State: Between Mulade Sheriff’ And Others

What Bloomberg Economics Says

“The recovery is continuing, supported by easing OPEC production cuts and higher oil prices. That said, recurring waves of virus infection, naira devaluation, high inflation and ongoing foreign-exchange shortages will continue to pose risks.”

The non-oil economy expanded by 1.7% from a year earlier, the strongest rate in four quarters, with agriculture growing 3.4% and telecommunications increasing 17.6%.

A stronger recovery could ease pressure on the central bank to stoke activity, paving the way for a renewed focus on its price stability mandate. That means the monetary policy committee could start raising interest rates again to fight inflation that’s been above the target band of 6% to 9% for more than five years. The panel eased by 200 basis points in 2020.

ADVERTISEMENT

The government’s forecast for growth of 3% this year is double that of the IMF. The lender has warned a slow roll-out of Covid-19 vaccines could threaten the economy’s recovery.

“The fact that we have seen a recovery in non-oil GDP growth is positive,” said Razia Khan, chief economist for Africa and the Middle East at Standard Chartered Bank. “However, the headwinds associated with the second wave of Covid-19 may still be considerable.”

Culled from Bloomberg

ADVERTISEMENT
Tags: NBSNigerian economyRecession
Previous Post

Contractors Plotting To Hijack Amnesty Programme, Frame-Up Dikio – Ijaw Leaders

Next Post

Gov Wike Will Join APC Soon, Says Senator Kalu

Related Posts

Featured

Suspected Ritualists Strike Again In Delta, Behead Young Girl In Ozoro

March 8, 2021
President Muhammadu Buhari and Senator Ovie Omo-Agege
Featured

Jubilation As Orogun Federal Poly Commences Academic Activities Next Year

March 8, 2021
Featured

Army Declares 12 Officers, 86 Soldiers Missing In Boko Haram Attacks In Borno

March 4, 2021
Featured

About Four Million COVID-19 Vaccines Arrive Nigeria

March 2, 2021
Zamfara schoolgirls released by abductors
Featured

Abducted Zamfara Schoolgirls Released As 38 Others Are Held Back By Bandits

March 2, 2021
Prof Hope Eghagha
Featured

‘I Bought A Third Jet During COVID-19’

March 1, 2021

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

LATEST

Suspected Ritualists Strike Again In Delta, Behead Young Girl In Ozoro

March 8, 2021
Pastor Osagie Ize-Iyamu

Edo 2020: Appeal Court Upholds Ize-Iyamu, Gani Audu’s Candidacy

March 8, 2021
President Muhammadu Buhari and Olorogun Moses Taiga

Orogun Poly: UPU Hails Buhari, Says Urhobo Proud Of Senator Omo-Agege

March 8, 2021
President Muhammadu Buhari and Senator Ovie Omo-Agege

Jubilation As Orogun Federal Poly Commences Academic Activities Next Year

March 8, 2021
Inspector General of Police, Adamu

Two Burglars In Police Net After Stealing €150,000 In Edo

March 7, 2021

POPULAR POSTS

  • file photo

    Protesting Workers Shut Down Shoprite Mall In Delta

    0 shares
    Share 0 Tweet 0
  • Suspected Ritualists Strike Again In Delta, Behead Young Girl In Ozoro

    0 shares
    Share 0 Tweet 0
  • Army Declares 12 Officers, 86 Soldiers Missing In Boko Haram Attacks In Borno

    0 shares
    Share 0 Tweet 0
  • ‘I Bought A Third Jet During COVID-19’

    0 shares
    Share 0 Tweet 0
  • COVID-19 Vaccine Safe, Reliable – Delta NMA Tells Nigerians

    0 shares
    Share 0 Tweet 0
  • Again, Gunmen Kidnap Travellers In Delta

    0 shares
    Share 0 Tweet 0
  • Abducted Zamfara Schoolgirls Released As 38 Others Are Held Back By Bandits

    0 shares
    Share 0 Tweet 0
  • Edo 2020: Appeal Court Upholds Ize-Iyamu, Gani Audu’s Candidacy

    0 shares
    Share 0 Tweet 0
  • 2023 Is Delta APC Biggest Opportunity To Dislodge PDP If… – Emerhor

    0 shares
    Share 0 Tweet 0
  • Northern Food Dealers Agree To Allow Food Supply To South

    0 shares
    Share 0 Tweet 0

LIKE US ON FACEBOOK

  • About Us
  • Contact Us
  • Advertise
  • Privacy Policy

© 2019 NIGER DELTA TODAY - Published By NDT Associates Ltd.

No Result
View All Result
  • Niger Delta Today
  • Niger Delta
    • Abia State
    • Akwa Ibom
    • Bayelsa State
    • Cross River
    • Delta
    • Edo
    • Imo
    • Ondo
    • Rivers
  • National News
  • World News
  • Politics
  • Metro
  • Education
  • Business
  • Health
  • Sports
  • Editorial
  • Opinion
  • Entertainment
  • Tech
  • Social Media
  • Niger Delta Today TV

© 2019 NIGER DELTA TODAY - Published By NDT Associates Ltd.