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COVID 19: NIGERIA GDP DROPS BY -6.10% IN 2ND QUARTER OF 2020- LOWEST IN THREE YEARS

The Coronavirus pandemic has led to a significant decline in Nigeria’s economic activity causing a Gross Domestic Product decrease by -6.10% (year-on-year) in the 2nd Quarter of 2020, according to reports released by the National Bureau of Statistics (NBS).


The Quarterly National Accounts (QNA) released on Monday August 24, by the NBS shows that the coronavirus pandemic caused an end to a  3-year trend of low but positive real growth rates recorded since the 2016/17 recession.


Quarterly National Accounts (QNA) are an integrated system of macroeconomic accounts that describes the entire system of production in a nation on a quarterly basis.


The nation’s economy was forced to stall as the federal government shut its borders, imposed restriction on movement, and closed all non-essential services as part of measures to curb the spread of the coronavirus pandemic. 


The federal government has begun opening up the economy as restriction of interstate movement has been removed, domestic flights have begun while international flights would resume operations on the 29th.


When compared to the 2nd quarter of 2019, the 2nd quarter of 2020 showed a drop of –8.22%. For the first half of 2020, real GDP declined by –2.18% year on year, compared with 2.11% recorded in the first half of 2019. Quarter on quarter, real GDP decreased by –5.04%, the NBS report indicated.



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