First time in more than three
years, the nation’s economy shrank in the
second quarter of this year as the Gross
Domestic Product fell by 6 .10 per cent .
The National Bureau of Statistics , in its
GDP report for Q 2 2020 , said on Monday
that the decline was largely attributable to
significantly lower levels of both domestic
and international economic activity ,
which resulted from nationwide shutdown
efforts aimed at containing the COVID- 19
pandemic.
“ Gross Domestic Product decreased by –
6 .10 per cent ( year – on – year ) in real terms
in the second quarter of 2020 , ending the
three – year trend of low but positive real
growth rates recorded since the 2016 / 17
recession ,” the NBS said .
It said when compared with Q 2 2019 ,
which recorded a growth of 2 .12 per cent,
the Q 2 2020 growth rate indicated a drop
of 8 .22 per cent, and a fall of 7 .97 per cent
when compared to the first quarter of
2020 ( 1 .87 per cent ) .
“ Consequently, for the first half of 2020 ,
real GDP declined by – 2 .18 per cent year
on year , compared with 2 .11 per cent
recorded in the first half of 2019 . Quarter
on quarter, real GDP decreased by – 5 .04
per cent . Furthermore, only 13 activities
recorded positive real growth compared to
30 in the preceding quarter,” it added .
The Nigerian economy , which emerged
from its first recession in 25 years in the
second quarter of 2017 when it posted a
0 .7 per cent growth, had continued its
slow recovery since then .
With another negative growth rate likely
in Q 3 2020 , the economy will slide into its
second recession in four years.
