Nigeria’s Gross Domestic Product (GDP) in real terms declined by 6.10% (year-on-year) in Q2 2020, thereby ending the 3-year trend of low but positive real growth rates recorded since the 2016/17 recession.
This is according to the second quarter (Q2) GDP report, released by the National Bureau of Statistics (NBS) on Monday.
According to the NBS, the decline was “largely attributable to significantly lower levels of both domestic and international economic activity during the quarter, which resulted from nationwide shutdown efforts aimed at containing the COVID-19 pandemic.”
The performance recorded in Q2 2020 represents a drop of 8.22% points when compared to Q2 2019 (2.12%), and 7.97% points decline when compared to Q1 2020 (1.87%).
The latest GDP number shows that Nigeria’s oil sector recorded –6.63% (year-on-year) in Q2 2020, indicating a decrease of –13.80% compared to Q2 2019.
The non-oil sector declined by –6.05% in Q2 2020.This represents the first decline in real non-oil GDP growth rate since Q3 2017.