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.