Nigeria's Economy Enters Negative Growth

Nigeria on map.

Nigeria's Gross Domestic Product (GDP) growth rate contracted by -6.10 per cent in the second quarter of 2020, a report by the National Bureau of Statistics (NBS) said on Monday.

Details of the Nigerian Gross Domestic Product Report for Q2 2020 showed that the decline was due to contraction in domestic and international economic activity during the quarter (April to June 2020).

Countries of the world had shut down their economies following the outbreak of coronavirus.

Nigeria implemented a nationwide shutdown in March amid efforts to contain the spread of the COVID-19 pandemic.

The NBS noted on Monday that 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.

These efforts, led by both the federal and state governments, evolved over the course of the quarter and persisted throughout, it noted.

The decline ends a three-year trend of low but positive real growth rates recorded since the last recession in 2016, the report showed.

Details later...

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