Nigerian GDP Expands by 1.87% In Q1 2020
The National Bureau of Statistics released Nigeria’s Q1 GDP for the year expanded by 1.87% .
In the report the agency said the performance was recorded on a backdrop of disruptions due to the Covid-19 health crisis which also affected declining oil revenue.
Q1 2020 GDP report published @ https://t.co/Jz9hlMyyNp. Agric real GDP grew by 2.20 % compared to 2.31% in Q4 2019 & 3.17% in Q1 2019. pic.twitter.com/XOlbP80Xkh
— Dr Yemi Kale (@sgyemikale) May 25, 2020
The GDP performance shows a decline in -0.23% compares to Q1 2019 and -0.68% compared to Q4 2019.
While on a quarter to quarter basis, real GDP growth had declined -14.27% compared to 5.59% of the preceding quarter.
Oil production for the first quarter of 2020 was recorded at 2.07 Million Barrels Per Day compared to 1.99 Million Barrels Per Day in Q1 2019.
Nigerian Naira Exchange Rate