Nigeria Records 1.87% GDP Growth in Q1 2020
The apex statistical agency, National Bureau of Statistics (NBS), has said that Nigeria’s has recorded Gross Domestic Product (GDP) growth by 1.87 per cent in real terms in the first quarter of 2020.
According to the NBS, this feat was recorded against the backdrop of global disruptions resulting from the COVID-19 crisis, a sharp fall in oil prices and restricted international trade.
Quarter-on-quarter, real GDP growth was –14.27 per cent compared to 5.59 per cent recorded in the preceding quarter.
It also said an average daily oil production of 2.07 million barrels per day (mbpd) was recorded during the first quarter of 2020 and the production level was higher than the 1.99mbpd recorded in the same quarter of 2019 by 0.08mbpd and the fourth quarter of 2019 by 0.06mbpd.
In view of this, the oil sector recorded a real growth rate of 5.06 per cent (year-on-year) in Q1 2020, indicating an increase of 6.51 per cent points relative to the rate recorded in the corresponding quarter of 2019.
However, growth decreased by –1.30 per cent points when compared to Q4 2019 which was 6.36 per cent. As for quarter-on-quarter, the oil sector recorded a growth rate of 11.30 per cent in Q1 2020, contributing 9.50 per cent to the 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.
The non-oil sector, NBS said, grew by 1.55 per cent in real terms during the reference quarter (Q1 2020).
“This was slower by –0.93 per cent points compared to the rate recorded during the same quarter of 2019, and –0.72 per cent 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 per cent 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 per cent and the fourth quarter ,when it recorded 92.68 per cent. Activities that witnessed weaker performance relative to Q1 2019 include quarrying, road transport, accommodation and food services as well as real estate”, the bureau, noted.
However, in the quarter under review, aggregate GDP stood at N35,647,406.08 million in nominal terms. This performance was higher when compared to the first quarter of 2019 which recorded N31,824,349.67 million, with a nominal growth rate of 12.01 per cent year-on- year.
Relative to the first quarter of 2019, the nominal growth rate was higher by 0.11 per cent points but lower than the proceeding quarter by –0.32 per cent points.