Nigeria’s economy declined in the second quarter of this year, with the gross domestic product falling by 6.10 percent.
In a report covering the second quarter released Monday, the National Bureau of Statistics, attributed the decline mainly to considerably lower levels of both domestic and international economic activity, resulting from nationwide shutdown efforts aimed at containing the COVID-19 pandemic.
There have been worries among government officials recently that the economy could slide into a recession unless there is a turnaround in the third quarter. That would be the country’s second recession in four years.
“Gross Domestic Product decreased by –6.10 percent (year-on-year) in real terms in the second quarter of 2020, ending the three-year trend of low but positive real growth rates recorded since the 2016/17 recession,” NBS said.
Compared with Q2 2019, which recorded a growth of 2.12 percent, the Q2 2020 growth rate translates into a decline of 8.22 percent. But on a quarter-on-quarter basis, it is a decline of 7.97, as the economy recorded a 1.87 percent in the first quarter of this year.
“Consequently, for the first half of 2020, real GDP declined by –2.18 percent year on year, compared with 2.11 percent recorded in the first half of 2019. Quarter on quarter, real GDP decreased by –5.04 percent. Furthermore, only 13 activities recorded positive real growth compared to 30 in the preceding quarter,” it added.
