Ada Christiana
Nigeria’s Gross Domestic Product has risen by 1.87 per cent in the first quarter of 2020, Nigeria’s.
This was disclosed on Monday by National Bureau of Statistics in ‘Nigeria’s Gross Domestic Product’ report for first quarter 2020.
This rise is coming at a time when the country is experiencing significant global disruptions resulting from the COVID-19 public health crisis, a sharp fall in oil prices, and restricted international trade.
This rise recorded in Q1 2020 shows a drop of –0.23 per cent points compared to Q1 2019 and –0.68 per cent points compared to Q4 2019, indicating the initial effects of the disruption, especially on the non-oil economy.
Quarter on quarter, real GDP growth was –14.27 per cent compared to 5.59 per cent recorded in the preceding quarter.
Aggregate GDP stood at N35.64m in nominal terms in the quarter under review.
When compared to the first quarter of 2019 which recorded N31.82m, with a nominal growth rate of 12.01 per cent year on year, this performance was higher.
The nominal growth rate was higher by 0.11 per cent points Relative to the first quarter of 2019, but lower than the proceeding quarter by –0.32 per cent points.
During the first quarter of 2020, an average daily oil production of 2.07 million barrels per day (mbpd) was recorded.
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.
The oil sector recorded a real growth rate of 5.06 per cent (year-on-year) in Q1 2020 showing an increase of 6.51 per cent points relative to the rate recorded in the corresponding quarter of 2019.
