A new report by the National Bureau of Statistics (NBS) has revealed that the Nigeria’s gross domestic product shrunk by six percent in the second quarter of 2020.
In the report released this morning, Oil GDP contracted by -6.63 percent from 5.06 percent in the first quarter and 5.15 percent in the second of 2019.
It was further revealed that Non-oil GDP was contracted by -6.05 percent from 1.55 percent in the first quarter of 2020 and 1.64 percent in the second quarter of 2019.
This development Mark’s the first time in three years that Nigeria records a negative growth after its exit from the 2016 recession.
The report attributed the decline 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
It reads that “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.”