Nigeria’s economy has dwindled in the second quarter of this year, as the Gross Domestic Product fell by 6.10 per cent.
This will be the first time in more than three years that the nation will experience this sudden development The Punch reports.
So far, on the reasons for the decline, the nationwide shutdown efforts aimed at containing the COVID-19 pandemic was the height of all.
Meanwhile, National Bureau of Statistics, in its GDP report for Q2 2020, was largely attributable to significantly lower levels of both domestic and international economic activity.
In the NBS report, it was disclosed that, “Gross Domestic Product decreased by –6.10 per cent (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,”
It also revealed that, when compared with Q2 2019, which recorded a growth of 2.12 per cent, the Q2 2020 growth rate indicated a drop of 8.22 per cent, and a fall of 7.97 per cent when compared to the first quarter of 2020 (1.87 per cent).
In addition, “Consequently, for the first half of 2020, real GDP declined by –2.18 per cent year on year, compared with 2.11 per cent recorded in the first half of 2019. Quarter on quarter, real GDP decreased by –5.04 per cent. Furthermore, only 13 activities recorded positive real growth compared to 30 in the preceding quarter.”