Nigerian GDP Expands by 1.87% In Q1 2020

by on May 25, 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.

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.

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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.

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