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Despite COVID-19 Crisis, Nigeria’s GDP Grows By 1.87%

Nigeria’s GDP grew by 1.87% in the first quarter (Q1) of 2020, the National Bureau of Statistics (NBS) has revealed.

NBS in its release also recorded the non oil sector for representing 90.50% of the total GDP, less than the 90.78% recorded in Q4 2019.

“This 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 NBS said in its report.

“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.

“In real terms, the non-oil sector grew by 1.55%, slower by –0.93% points compared to the rate recorded during the same quarter of 2019, and –0.72% points slower than the fourth quarter of 2019.”

The non oil sector was driven by the Telecommunications (Telcos), financial institutions and agriculture (crop production). Mining, Quarrying and construction also contributed significantly to the recorded growth.

Activities like quarrying, road transportation, accommodation and hotels and food services recorded a sharp drop in Q1 2019.

The livestock industry saw a sharp growth from -0.2% to 0.63%. Forestry also grew by 1.71% from 1.23% in Q4 2019.

During the first quarter of 2020, the NBS reported average daily oil production of 2.07 million barrels per day (mbpd), higher than the 1.99mbpd recorded in Q1 2019 by 0.08mbpd and the fourth quarter of 2019 by 0.06mbpd.

The federal government has outlined its plans to ensure the economy still maintains a good pose amid the COVID-19 challenges.

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