Nigeria Records 1.87% Economic Growth in Q1’2020 Despite Oil Crash Revenue Slup

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FILE PHOTO: A general view of a food market after Nigeria's President Muhammadu Buhari called for a lockdown starting tonight to limit the spread of coronavirus disease (COVID-19), in Lagos, Nigeria March 30, 2020. REUTERS/Temilade Adelaja

Nigeria’s Gross Domestic Product (GDP) grew by 1.87 per cent (year-on-year) in real terms in the first quarter of 2020 (Q1 2020), the National Bureau of Statistics (NBS) stated Monday.

The performance recorded represented a contraction of 0.23 per cent compared to Q1 2019 and a contraction of 0.68 per cent compared to Q4 2019, reflecting the earliest effects of the disruption, particularly on the non-oil economy.

The Q1 GDP estimates was also recorded against the backdrop of significant global disruptions resulting from the Covid-19 public health crisis, a sharp fall in oil prices and restricted international trade, the NBS noted.

According to the Nigerian Gross Domestic Product Report – Q1 2020, released by the statistical agency, in the quarter under review, aggregate GDP stood at N35.64 trillion in nominal terms compared to N31.82 trillion in the first quarter of 2019, with a nominal growth rate of 12.01 per cent year on year.

Relative to the first quarter of 2019, the nominal growth rate was higher by 0.11 per cent, but lower than the proceeding quarter by –0.32 per cent.

However, quarter on quarter, real GDP growth was –14.27 per cent compared to 5.59 per cent recorded in the preceding quarter.

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