CEM REPORT, LAGOS
Nigeria’s Q1 2020 Gross Domestic Product (GDP) grew by 1.87% (year-on-year) in real terms recording a 0.23% points fall compared to Q1 2019 and –0.68% points compared to Q4 2019.
Nigerian Bureau of Statistics released this figures Monday.
“This performance was recorded against the backdrop of significant global disruptions resulting from the COVID-19 public health crisis, a sharp fall in oil prices and restricted international trade”, NBS stated in the report
According to the report, quarter on quarter, real GDP growth was –14.27% compared to 5.59% recorded in the preceding quarter.
Aggregate GDP stood at N35,647,406.08 million in nominal terms in the quarter under review, an increased performance from first quarter of 2019 which recorded N31,824,349.67 million.
With a nominal growth rate of 12.01% year on year, the Q1 2020 recorded an increase by 0.11% points when compared to the first quarter of 2019 and decline by –0.32% points when compared to the preceding quarter.
The Nigerian oil sector recorded a real growth rate of 5.06% (year-on-year) and 11.30% (Quarter-on-quarter). This indicate an increase of 6.51% points (year-on-year) when compared to the corresponding quarter of 2019 and growth decrease by –1.30% points when compared to Q4 2019 which was 6.36%.
The non-oil sector grew by 1.55% in real terms in Q1 2020. This was slower by –0.93% points when compared to the rate recorded Q1 2019, and –0.72% points in Q4 2019
Growth in the Mining & Quarrying decreased nominally by –10.57% (year on year) in Q1 2020. In real terms, the sector grew by 4.58% (year-on-year) in the quarter. This is higher by 5.95% points compared Q1 2019 but lower by –1.49% points.
[READ ALSO] Nigerian Inflation rose by 12.34 percent in April
The Mining and Quarrying contributed 9.54% to Real GDP in Q1 202, a rate higher than the 9.29% Q1 2019 and the 7.48% in Q4 2019.
Agricultural sector growth declined by –0.11% at 22.47% year-on-year in nominal terms in Q1 2020, Comparing with the preceding quarter’s growth rate of 13.80% indicates an increase of 8.66% points.
In real terms, the sector grew by 2.20% (year-on-year) indicating a decrease of –0.97% points compared to Q1 2019, and –0.11% points from Q4 2019 which recorded a growth rate of 2.31%
However, the sector contributed 21.96% to overall GDP in real terms in Q1 2020, slightly higher than the contribution in Q1 2019 but lower than the fourth quarter of 2019 which stood at 21.89% and 26.09% respectively.
The Manufacturing sector recorded a growth 28.47% (year-on-year), or -7.97% points lower than the 36.45% recorded in the corresponding period of 2019 but 2.18% points higher than the preceding quarter’s rate of 26.29%.
In real terms, GDP growth was 0.43% (year on year), lower than the same quarter of 2019 as well as the preceding quarter by –0.38% points and –0.81% points respectively .
Growth rate of the sector, on a quarter-on-quarter basis, stood at –5.38%, lower than the rate recorded in Q1 2019.
Real contribution to GDP in Q1 2020 was 9.65%, lower than the 9.79% recorded in first quarter of 2019 but higher than the 8.74% recorded in Q4 2019
