The National Bureau of Statistics, on Thursday, announced that Nigeria has exited recession.
Official figures published by the Bureau last November showed that the Nigerian economy shrank in the third quarter of year 2020, thus plunging it into its second recession in five years.
The federal government attributed the recession to the weight of the coronavirus pandemic and falling oil prices last year.
Although the Finance Minister, Zainab Ahmed, had predicted a recovery in the first quarter of 2021, NBS data showed that the economy grew by 0.11 percent in the fourth quarter of 2020, representing the first positive quarterly growth in the last three quarters.
Analysts attribute the surprising recovery of the economy to support from World Bank and IMF, and to the rising oil prices.