Nigeria’s GDP Increases By 1.87% In Q1 2020

The Nigeria Bureau of Statistics (NBS) says Nigeria’s Gross Domestic Product expanded by 1.87% in the first quarter of 2020.

This was contained in the NBS report made available on Monday.

The Bureau noted that the impacts of the COVID-19 pandemic reflected in the country’s economy.

“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 report read.

“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 real terms, the non-oil sector grew by 1.55%, slower by –0.93% points compared to the rate recorded during the same quarter of 2019, and –0.72% points slower than the fourth quarter of 2019.”

According to the report, the non-oil sector contributed 90.50% to the nation’s GDP in the first quarter of 2020, less than its share in the first quarter of 2019 which was 90.78% and the fourth quarter of 2019 recorded as 92.68%.

The non-oil sector was driven mainly by information and communication (telecommunications), financial and insurance (financial institutions), agriculture (crop production), mining and quarrying (crude petroleum & natural gas), and construction

Activities that witnessed weaker performance relative to Q1 2019 include quarrying, road transport, accommodation and food services as well as real estate.