Nigeria’s Economy Expands 1.87% Despite Global Disruptions
The National Bureau of Statistics (NBS) says the country’s Gross Domestic Product (GDP) grew by 1.87 percent year-on-year in real terms in the first quarter of 2020.
The NBS disclosed this in its GDP Quarterly Report released on Monday (25-05-2020).
The Bureau explained that this performance was recorded against the backdrop of significant global disruptions resulting from the COVID-19 public health crisis.
The Bureau stated that despite a sharp drop in oil prices and restricted international trade, the performance recorded in Q1 represented a drop of –0.23 per cent points compared to Q1 2019.
However, it represent 0.68 percent points drop when compared to Q4 2019, reflecting the earliest effects of the disruption, particularly on the non-oil economy.
On quarter on quarter, real GDP growth was negative 14.27 percent, compared to 5.59 percent recorded in the preceding quarter.
The NBS, however, stated that in Q1 2020, an average daily oil production of 2.07 million barrels per day (MBPD) was recorded.
It added that the production level was higher than the 1.99 million barrels per day recorded in the same quarter of 2019 by 0.08 mbpd and the fourth quarter of 2019 by 0.06 mbpd.
Meanwhile, NBS stated that the oil sector recorded a real growth rate of 5.06 percent year on year in Q1 2020.
This indicates an increase of 6.51 percent points relative to the rate recorded in the corresponding quarter of 2019.
But growth decreased by 1.30 percent points when compared to Q4 2019 which was 6.36 percent.
The non-oil sector grew by 1.55 percent in real terms during the reference quarter .
This was slower than -0.93 percent points compared to the rate recorded
during the same quarter of 2020.
Also, it represent -0.72 percent points slower than the fourth quarter of 2019, the NBS stated.
NBS explained that the four sub-activities which make up the agriculture sector like crop production, livestock, forestry and fishing sectors grew by 22.47 percent in nominal terms.
It noted that this showed a decline of -0.11 per cent points from the same quarter in 2019.
Nigeria’s Economy Expands 1.87% Despite Global Disruptions
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