Nigeria Economy | |
Nigeria Economy | |
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Monday, June 29,
2020 / 05:00 AM / by Proshare Content/ Header Image
Credit: EcoGraphics
Trade Sector
The trade sector contracted by
-2.82% in the first quarter of 2020 from
-0.58% in Q4 2019 and 0.85% in Q1 2019. The trade sector was adversely affected
by the global spread of the coronavirus.
The restrictions in
international travels as well as interstate travels disrupted the supply chain
and distributional efficiency of almost every sector.
The growth of the trade sector
was further worsened with the decline in consumer's demand, the volatility of
the foreign exchange market as well as dwindling oil prices.
It is forecast that the trade
sector will contract further in the second quarter, and gradually recover in
the fourth quarter while full recovery is expected in 2021 as the economy is
fully opened and the virus is effectively managed (see Chart 128).
Chart 128: Trade Sector Quarterly Growth Rate (%)
Source: NBS,
Proshare Research
Note Asterisks (*) - Forecasted figures
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