Nigeria’s Economy Contracts 6.1% in Q2 – NBS

Emmanuel Adigwe

A new report by the National Bureau of Statistics (NBS) has indicated that Nigeria’s Gross Domestic Product (GDP) has contracted by six percent in the second quarter of 2020.

The report, released on Monday, stating that Oil GDP contracted by -6.63 per cent from the initial 5.06 per cent it was in the first quarter and 5.15 per cent in the second of 2019.

It stated also that non-oil GDP contracted by -6.05 per cent from 1.55 per cent in the first quarter of 2020 and 1.64 per cent in the second quarter of 2019.

“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 report read.

“The domestic efforts ranged from initial restrictions of human and vehicular movement implemented in only a few states to a nationwide curfew, bans on domestic and international travel, closure of schools and markets etc., affecting both local and international trade.

“The efforts, led by both the federal and state governments, evolved over the course of the quarter and persisted throughout.”

This is the first time in three years that the country’s economy will record a negative growth after its exit from recession in 2016.

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