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Something for Nigeria to Smile About

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. GDP grew 0.11% in the three months through to end-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 (IMF) data. The surprise rebound means Africa’s largest economy may recover faster than expected as the oil price and output increase in 2021. It could also point to the growing importance of the non-crude sector.