• ‘Nigeria’s riotous cattle-herding system stealing growth potential’
• Experts warn against undue optimism
Defying projections and leveraging opportunities presented by the coronavirus pandemic through technology and remote work, Nigeria’s resilient private sector helped the economy to exit recession in the fourth quarter with a growth of 0.11 per cent.
However, there are concerns about the country’s structural problems in the form of foreign exchange pressures, relatively lower oil prices and production, subdued global demand, spiralling consumer prices, repressed purchasing power, heightened unemployment levels, weak investor confidence, worsened insecurity and social tensions.
The country’s Gross Domestic Product (GDP) grew 0.11 per cent in the three months through December from a year earlier, compared with a decline of 3.6 per cent in the third quarter, according to data from the National Bureau of Statistics (NBS) yesterday.
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The Abuja-based National Bureau of Statistics (NBS) has announced how growth in agriculture and telecommunications offset a sharp drop in oil production to push Nigeria’s Gross Domestic Product (GDP) to 0.11per cent in the fourth quarter (Q4) of 2021.
However, analysts at FBNQuest Capital Research are of the view that since the national accounts are not seasonally adjusted and since the fourth quarter tends to be the strongest of the year due to the demand boost in the holiday season, “we should not assume automatically that Nigeria has exited its latest recession.”
The analysts said Q1 ’21 could well prove a borderline case.
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