Nigeria’s GDP grows in 1st quarter 2020

Nigeria’s Gross Domestic Product (GDP) grew by 1.87 per cent (year-on-year) in real terms in the first quarter of 2020.

This revelation was made by the National Bureau of Statistics(NBS) on Monday while announcing the ‘Nigeria’s Gross Domestic Product’ report for first quarter 2020 .

The reported growth can in the midst of significant global disruptions resulting from the COVID-19 public health crisis, a sharp fall in oil prices, and restricted international trade.

The Q1 2020 growth represents a drop of –0.23 per cent points compared to Q1 2019 and –0.68 per cent points compared to Q4 2019. This are indication of the effects of the global disruption, particularly on the non-oil economy.

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

In terms of quantities, the aggregate GDP stood at N35.64m in nominal terms of Q1 2020.

This performance was higher when compared to the first quarter of 2019 which recorded N31.82m, 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 points but lower than the proceeding quarter by –0.32 per cent points.

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