October 28, 2021

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Nigeria’s Gross Domestic Product slides by 6.1% in 2nd quarter

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Nigeria’s Gross Domestic Product, GDP, has continue to slide since last year and in the second quarter of the year 2020, GDP decreased by six point one per cent, (6.1%).

The latest report by the National Bureau of Statistics, NBS, as announced by the Statistician-General of Nigeria, Dr. Yemi Kale, revealed that in the second quarter of 2020, the “Industry real GDP contracted by -12.05% compared to 2.26% in Q1 2020, and 2.10% in the Q2 2019.”

The NBS report read inter alia, “When compared with Q2 2019, which recorded a growth of 2.12%, the Q2 2020 growth rate indicates a drop of –8.22% points, and a fall of –7.97% points when compared to the first quarter of 2020, which was 1.87%.

It further stated that for the first half of 2020, real GDP declined by –2.18% on year on year basis, compared with 2.11% recorded in the first half of 2019. While on quarter on quarter, the real GDP decreased by–5.04%.

Statistical General Furthermore revealed that, “only 13 activities recorded positive real growth compared to 30 in the preceding quarter.”

According to the report, the decline recorded 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.

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