Despite challenges, Nigeria’s economy records1.87% growth in Q1, 2020

Despite the challenge posted by coronavirus pandemic, Nigeria’s Gross Domestic Product (GDP) grew by 1.87 per cent on a year-on-year basis in the first quarter of 2020 the National Bureau of Statistics’ (NBS) report has shown.

The performance recorded represented a contraction of 0.23 per cent compared to Q1 2019 and a contraction of 0.68 per cent compared to Q4 2019.

The growth was despite the decline of crude prices since the first quarter of 2020 due to the coronavirus outbreak. But when compared to the previous quarter, the economy shrunk from 2.55 per cent to 1.87 per cent.

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

In Q1 2020, aggregate GDP stood at N35,647,406.08 million in nominal terms. This performance was higher when compared to the first quarter of 2019 which recorded N31,824,349.67 million, with a nominal growth rate of 12.01 per cent year on year, NBS said.

NBS in its report on Monday said the fall reflects “the earliest effects of the disruption, particularly on the non-oil economy.”

The economy, heavily dependent on oil revenue, is projected to contract by 3.4 percent this year, Nigerian Government said in May.