The National Bureau of Statistics (NBS) on Monday said the Gross Domestic Product (GDP) of Nigeria grew by 1.87 percent in the first quarter of 2020.
According to the NBS, this year-on-year growth posted by the Africa’s largest economy came despite the “backdrop of significant global disruptions resulting from the COVID-19 public health crisis, a sharp fall in oil prices and restricted international trade.”
In a report released this morning, it was stated that in Q1 2020, the aggregate GDP stood at N35.647 trillion in nominal terms, higher than N31.824 trillion recorded in the first quarter of 2019, with a nominal growth rate of 12.01 percent year-on-year.
During the period under review, the oil sector recorded a real growth rate of 5.06 percent (year-on-year) in Q1 2020, indicating an increase of 6.51 percent points relative to the rate recorded in the corresponding quarter of 2019.
However, growth decreased by 1.30 percent points when compared to Q4 2019 which was 6.36 percent. Quarter-on-quarter, the oil sector recorded a growth rate of 11.30 percent in Q1 2020.
The oil sector contributed 9.50 percent to aggregate real GDP in Q1 2020, up from figures recorded in the corresponding period of 2019 and the preceding quarter, as the share of the non-oil economy declined.
On the other hand, the non-oil sector grew by 1.55 percent in real terms during the reference quarter (Q1 2020). This was slower by –0.93 percent points compared to the rate recorded during the same quarter of 2019, and –0.72 percent points slower than the fourth quarter of 2019.
The non-oil sector was driven mainly by Information and Communication (Telecommunications), Financial and Insurance (Financial Institutions), Agriculture (Crop Production), Mining and Quarrying (Crude Petroleum & Natural Gas), and Construction.
In real terms, the non-oil sector contributed 90.50 percent to the nation’s GDP in the first quarter of 2020, less than its share in the first quarter of 2019 which was 90.78 percent and the fourth quarter of 2019 recorded as 92.68 percent.
Activities that witnessed weaker performance relative to Q1 2019 include Quarrying, Road transport, Accommodation and Food services as well as real estate.
Also, in the report, the stats office said the performance recorded in Q1 2020 represents a drop of –0.23 percent points compared to Q1 2019 and –0.68 percent 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 percent compared to 5.59 percent recorded in the preceding quarter.
