Nigeria records 1.87 percent GDP growth in first quarter

Gross Domestic Product (GDP)
Gross Domestic Product (GDP)

Nigeria’s gross domestic product (GDP) in the first quarter (Q1) grew by 1.87 percent year-on-year in real terms, according to the quarterly data released by the National Bureau of Statistics on Monday.

The performance of the economy in Q1 represented a drop of 0.23 percent points compared to Q1 2019 and 0.68 percent points compared to Q4 2019, the agency said.

The latest performance of the economy followed significant global disruptions resulting from the COVID-19 public health crisis, as well as a sharp fall in oil prices and restricted international trade, it said, adding it is also not unconnected to the earliest effects of the disruption, particularly on the non-oil economy.

Oil is Nigeria’s mainstay. During Q1 2020, Nigeria recorded an average oil production of 2.07 million barrels per day. The production level was higher than the 1.99 million barrels per day recorded in the same quarter of 2019, the agency said. Enditem

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