Nigeria’s Gross Domestic Product (GDP) recorded a shrink of 1.87 percent, year-on-year, in the first quarter of the year (Q1’2020) showcasing the impact of the COVID-19 pandemic on the economic activities across the country.
This represents a decline of 23 basis points when compared with the 2.55 percent recorded in the fourt quarter of last year (Q4’2020). It also represents 68 basis points when compared with the 2.10 percent recorded in the first quarter of last year (Q1’2019)
The Nigeria Bureau of Statistics (NBS) disclosed this in the Nigerian Gross Domestic Product Report (Q1 2020).
The report on Nigeria’s economic growth stated: “In the first quarter of 2020, Nigeria’s Gross Domestic Product (GDP) grew by 1.87%(year-on-year) in real terms.
“This performance was 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 performance recorded in Q1 2020 represents a drop of –0.23% points compared to Q1 2019 and –0.68% points compared to Q4 2019, reflecting the earliest effects of the disruption, particularly on the non-oil economy. Quarter on quarter, real GDP growth was –14.27% compared to 5.59% recorded in the preceding quarter.
“In the quarter under review, aggregate GDP stood at N35,647,406.08 million in nominal terms.
“This performance was higher when compared to the first quarter of 2019 which recorded N31,824,349.67 million, with a nominal growth rate of 12.01% year on year.