Nigeria’s Economy Contracts by 6.1% in Q2, Says NBS

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    The National Bureau of Statistics (NBS)  on Monday said  Nigeria’s economy contracted by 6.1per cent in the second quarter (Q2) of 2020 from a year earlier.

    According to the Bureau “Nigeria’s Gross Domestic Product (GDP) decreased by –6.10 per cent (year-on-year) in real terms in the second quarter of 2020, ending the 3-year trend of low but positive real growth rates recorded since the 2016/17 recession.

    “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.

    ”When compared with Q2 2019, which recorded a growth of 2.12 per cent, the Q2 2020 growth rate indicates a drop of –8.22 per cent points, and a fall of –7.97 per cent points when compared to the first quarter of 2020 (1.87%).

    “Consequently, for the first half of 2020, real GDP declined by –2.18 per cent year on year, compared with 2.11% recorded in the first half of 2019. Quarter on quarter, real GDP decreased by –5.04 per cent. Furthermore, only 13 activities recorded positive real growth compared to 30 in the preceding quarter.

    “In the quarter under review, aggregate GDP stood at N34,023,197.60 million in nominal terms, or -2.8 per cent lower than the second quarter of 2019 which recorded an aggregate of N35,001,877.95 million.

    “Overall, the nominal growth rate was –16.81 per cent points lower than recorded in the second quarter of 2019, and –14.81 per cent points lower than recorded in the first quarter of 2020. For better clarity, the Nigerian economy has been classified broadly into the oil and non-oil sectors.”

     

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