Nigeria’s GDP grows by 1.87% in Q1, 2020 -NBS

The National Bureau of Statistics (NBS) has said that the country’s Gross Domestic Product (GDP) grew by 1.87%(year-on-year) in real terms in the first quarter of 2020.

NBS said, the performance 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 performance recorded in Q1 2020, according to the Bureau, 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.

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