Nigeria’s GDP declines by 6.10 per cent in Q2 2020

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Nigeria’s Gross Domestic Product has decreased by six percent in real terms in the second quarter of 2020.

The National Bureau of Statistics revealed this in its GDP report published on Monday.

According to the report, Oil GDP contracted by -6.63 percent from 5.06 percent in the first quarter and 5.15 percent in the second of 2019.

Non-oil GDP was also reported to have contracted by -6.05 percent from 1.55 percent in the first quarter of 2020 and 1.64 percent in the second quarter of 2019.

This latest figures marks the end of a three year reign of positive growth of the Nigerian economy since it exited recession in 2016.

According to the GDP report, “the decline was largely attributable to significantly lower levels of both domestic and international economic activity during the quarter, which resulted from nationwide shutdown efforts aimed at containing the COVID-19 pandemic.”

“The domestic efforts ranged from initial restrictions of human and vehicular movement implemented in only a few states to a nationwide curfew, bans on domestic and international travel, closure of schools and markets etc., affecting both local and international trade.

“The efforts, led by both the federal and state governments, evolved over the course of the quarter and persisted throughout.”

Analyst from the economic sector had posited that should the GDP of the subsequent quarters resulted in a negative growth, the country may be sliding into its second recession in four years.


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