Nigeria’s Gross Domestic Product (GDP) grew by 1.87% (year-on-year) in real terms in the first quarter of 2020, the National Bureau of Statistics (NBS) has reported.
However, the GDP 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 on the non-oil economy.
Quarter on quarter, real GDP growth was –14.27% compared to 5.59% recorded in the preceding quarter.
The report released on Monday morning explained that the performance of the economy was recorded against the backdrop of significant global disruptions resulting from the Covid-19 public health crisis, a sharp fall in oil prices and restricted international trade.
The report measured the size of the economy at N35.65 trillion (Nominal GDP) and N16.74 trillion (Real GDP).
A look at the various sector showed that the oil and gas sector contributed 9.50 percent of the GDP while non-oil sector contributed 90.50 percent.
A breakdown of the non-oil sector showed that the services sub-sector contributed 54.39 percent, Industries 23.65 percent and Agriculture 21.96 percent.
ExpressDay recalls that the lockdown of the nation’s economy, especially in Lagos, Ogun and FCT began at the end of March, the last month in the first quarter. However, the crash in oil price impacted on the revenue from oil export.
The GDP is expected to be in negative region in the second quarter due to limited economic activities in the months of April and May, and the economy is expected to be in recession by the end of the year.