Nigeria’s Gross Domestic Product contracted by –6.10% on a year-on-year basis in the second quarter of this year, ending the 3-year trend of low but positive real growth rates recorded since the 2016/17 recession.
The aggregate GDP under the quarter in review stood at N34.02 trillion in nominal terms According to the national bureau of statistics in its latest report.
The decline was largely attributable to significantly lower levels of both domestic and international economic activity during the quarter, which resulted from nationwide shutdown efforts aimed at containing the COVID-19 pandemic.
When compared with Q2 2019, which recorded a growth of 2.12%, the Q2 2020 growth rate indicates a drop of –8.22% points, and a fall of –7.97% points when compared to the first quarter of 2020 (1.87%).
in the report, the oil sector contributed 8.93% as average daily oil production recorded was pegged at 1.81 million barrels per day while the non-oil sector pooled 91.07%.
A further breakdown saw contributions from the agriculture sector hit 24.65%, industries: 21.87% and the services sector with the largest contribution pooled 53.49%
four sub-activities of Crop Production, Livestock, Forestry and Fishing within the agriculture sector grew by 1.58% in Q2 2020 from 2.22% in Q1 2020 and 1.79% in Q2 2019.
The Manufacturing sector on the other hand comprising thirteen activities whichh iclude Oil Refining; Cement; Food, Beverages and Tobacco; Textile,Wood and Wood products among others contracted by 8.78% in Q2 2020 FROM O.43% IN q12020 AND -0.13% IN q2 2019.