Nigeria’s gross domestic product (GDP) expanded by 1.87 per cent in the first quarter of 2020, data from the National Bureau of Statistics (NBS) has revealed.
The NBS released the report on Monday.
According to the Bureau, the latest figures indicate the earliest sign of the impact of economic disruptions triggered by the novel coronavirus (COVID-19) pandemic, particularly in the non-oil sector of the economy.
“This performance was recorded against the backdrop of significant global disruptions resulting from the COVID-19 public health crisis, a sharp fall in oil prices and restricted international trade.
“The performance recorded in Q1 2020 represents a drop of –0.23% points compared to Q1 2019 and –0.68% points compared to Q4 2019, reflecting the earliest effects of the disruption, particularly on the non-oil economy.
“Quarter on quarter, real GDP growth was –14.27% compared to 5.59% recorded in the preceding quarter,” the report read.
In real terms, the NBS said the non-oil sector grew by 1.55 per cent, which is slower by –0.93 percentage points compared to the rate recorded during the same quarter of 2019, and –0.72 percentage points lower than the fourth quarter of 2019.
The non-oil sector was reported to have contributed 90.50 per cent to the nation’s GDP in the first quarter of 2020, less than its share in the first quarter of 2019 which was 90.78 per cent and the fourth quarter of 2019 recorded as 92.68 per cent.
The non-oil sector was driven mainly by information and communication (telecommunications), financial and insurance (financial institutions), agriculture (crop production), mining and quarrying (crude petroleum & natural gas), and construction
Activities that witnessed weaker performance relative to quarter one of 2019 include quarrying, road transport, accommodation and food services as well as real estate.
In the quarter under review, aggregate GDP stood at N35.64 million in nominal terms.
This performance was higher when compared to the first quarter of 2019 which recorded N31.82 million, with a nominal growth rate of 12.01 per cent year on year.
The nominal growth rate was higher by 0.11 per cent points than that the first quarter of 2019, but was lower than the 2019 fourth quarter by –0.32 per cent points.
The average daily oil production for the first quarter of 2020 was 2.07 million barrels per day (mbpd), higher than the 1.99mbpd recorded in quarter one 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 indicating an increase of 6.51 per cent points relative to the rate recorded in the corresponding quarter of 2019.
However, growth decreased by –1.30 per cent points when compared to Q4 2019 which was 6.36 per cent.
Quarter-on-quarter, the oil sector recorded a growth rate of 11.30 per cent in Q1 2020.
The oil sector contributed 9.50 per cent to aggregate real GDP in Q1 2020, up from figures recorded in the corresponding period of 2019 and the preceding quarter, as the share of the non-oil economy declined.