Nigeria’s GDP Grows By 1.87% In First Quarter Of 2020

The Nigerian economy has gotten a boost amidst the COVID -19 drama as Nigeria’s gross domestic product (GDP) grew by 2.28% in the first quarter of 2020.

According to the report gathered from the National Bureau of Statistics (NBS), the performance recorded in Q1 2020 represents a drop of 0.23% points compared to Q1 2019 and 0.68% points decline 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.

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.

Yemi Kale, the country’s chief statistician while speaking further revealed that 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%.

Here is kale’s tweet below confirming the growth of the GDP in the 1st quarter.

Q1 2020 GDP report published @ https://t.co/Jz9hlMyyNp. Q1 2020 Real GDP grew by 1.87 % compared to 2.27% in Q4 2019 & 2.10% in Q 2019. Oil GDP grows 5.06% (4.59% in Q4 2019; -1.46% in Q1 2019). Non-Oil GDP grows 1.55% (2.06% in Q4 2019; 2.47% in Q1 2019). pic.twitter.com/MEub49vMR4

— Dr Yemi Kale (@sgyemikale) May 25, 2020