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Vol 62 No 8

Published 15th April 2021


Much to be modest about

The economy is in slightly better shape than feared months ago but faces a toxic combination of unemployment and inflation

President Muhammadu Buhari and Nigeria's economy policymakers will certainly welcome the modest improvement in the country's economic outlook. According to the Yemi Kale-led National Bureau of Statistics (NBS), Nigeria officially exited recession during the fourth quarter, albeit with a tiny 0.1% expansion, and registered overall 2020 real GDP contraction of -1.9%, which was better than expected. That was the result of wildly diverging performances across different sectors as oil, manufacturing, construction and trade struggled and telecoms/technology prospered.

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