Monday, August 24, 2020 08:30
AM /by NBS/ Header Image Credit: NBS

Overview of GDP in
Quarter Two 2020
Nigeria's
Gross Domestic Product (GDP) decreased by -6.10%(year-on-year) in real terms in
the second quarter of 2020, ending the 3-year trend of low but positive real
growth rates recorded since the 2016/17 recession.
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. The
domestic efforts ranged from initial restrictions of human and vehicular
movement implemented in only a few states to a nationwide curfew, bans on
domestic and international travel, closure of schools and markets etc.,
affecting both local and international trade. The efforts, led by both the
Federal and State governments, evolved over the course of the quarter and
persisted throughout.
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%). Consequently, for the first half
of 2020, real GDP declined by -2.18% year on year, compared with 2.11% recorded
in the first half of 2019. Quarter on quarter, real GDP decreased by -5.04%.
Furthermore, only
13 activities recorded positive real growth compared to 30 in the
preceding quarter.
In
the quarter under review, aggregate GDP stood at N34,023,197.60 million in
nominal terms, or 2.8% lower than the second quarter of 2019 which recorded an
aggregate of N35,001,877.95 million. Overall, the nominal growth rate was -16.81% points lower than recorded in the second quarter of 2019, and -14.81%
points lower than recorded in the first quarter of 2020. For better clarity,
the Nigerian economy has been classified broadly into the oil and non-oil
sectors. (Figure 1):

The Oil Sector
In the second quarter of 2020, an average daily oil production of 1.81
million barrels per day (mbpd) was recorded. This was -0.21mbpd lower than the
daily average production of 2.02mbpd recorded in the same quarter of 2019,
and -0.26mbpd lower than the first quarter 2020 production volume of
2.07mbpd by (Figure2).

Real
growth of the oil sector was -6.63% (year-on-year) in Q2 2020 indicating
a decrease of -13.80% points relative to the rate recorded in the corresponding
quarter of 2019. Growth decreased by -11.69% points when compared to Q1 2020
which recorded 5.06%. Quarter-on-Quarter, the oil sector recorded a
growth rate of -10.82% in Q2 2020. The Oil sector contributed 8.93% to total
real GDP in Q2 2020, down from figures recorded in the corresponding period of
2019 and the preceding quarter, where it contributed 8.98% and 9.50%
respectively.
The Non-Oil Sector
The non-oil sector declined by -6.05% in real terms
during the reference quarter (Q2 2020). It was the first decline in real
non-oil GDP growth rate since Q3 2017. The recorded growth rate was -7.70%
points lower compared to the rate recorded during the same quarter of 2019, and -7.60% points compared to the first quarter of 2020. Nevertheless, non-oil
sector output was driven by Financial and Insurance (Financial
Institutions), Information and Communication (Telecommunications),
Agriculture (Crop Production), and Public Administration, moderating the
economy-wide decline. On the other hand, sectors which experienced the highest
negative growth included Transport and Storage, Accommodation and Food
Services, Construction, Education, Real estate and Trade among others. In real
terms, the Non-Oil sector accounted for 91.07% of aggregate GDP in the second
quarter of 2020, slightly higher than the share recorded in the second quarter
of 2019 (91.02%) as well as the first quarter of 2020 (90.50%).

Click Here to Download Q2 2020
GDP PDF Report

Latest
2020 NBS Reports

Q3 2020
- Average Price of 1kg of Tomato Increased
By 3.24% MoM in July 2020 - NBS
- Average Fare Paid By Commuters
for Motorcycle Journey Increased By 9.06% MoM in July 2020
- Average Prices
of PMS, AGO, HHK and Cooking Gas - July 2020
- Headline Inflation Increases By
12.82% YoY In July 2020; 0.26% Higher Than June 2020 Rate
- Nigeria's
Unemployment Rate Moves Up to 27.1% in Q2 2020 from 23.1% in Q3 2018 - NBS
- N651.77bn
Generated as VAT in H1 2020 - NBS
- Average Prices of 1kg of Tomato
Increased By 30.25% YoY in June 2020 - NBS
- Average Fare
for Bus Journey Within City Increased By 3.36% MoM to N229.94 in June 2020
- NBS
- Average Prices
of PMS, AGO, HHK and Cooking Gas - June 2020
- Headline
Inflation Increases By 12.56% YoY In June 2020; 0.16% Higher Than May 2020
Rate
- Nigeria's Total
Public Debt Stood At N28.63trn in Q1 2020 - NBS
- NBS Publishes
National Living Standard Survey 2018-19 Report
- Active Voice Subscription Grew
By 2.48% in Q1 2020 - NBS

Q2 2020
- 5.26bn Litres
of PMS Imported Into Nigeria in Q1 2020 - NBS
- All Commodity
Group Import Index Decreased By 0.84% in Q1 2020
- Average Price of 1kg of Rice Increased By 28.18% YoY in May 2020 -
NBS
- Average Fare
Paid By Commuters for Bus Journey Within City Decreased By -0.56% MoM in
May 2020 - NBS
- Average Prices
of PMS, AGO, HHK and Cooking Gas - May 2020
- Headline
Inflation Increases By 12.40% YoY In May 2020; 0.06% Higher Than April
2020 Rate
- Nigeria's
Merchandise Trade Slowed in Q1 2020 Due to Declines in Both Imports and
Exports
- 11,072 Road Traffic Crashes Occurred in 2019 - NBS
- FAAC Disburses N780.93bn in
April 2020 - NBS
- FAAC Disburses
N581.57bn in March 2020 - NBS
- Average Price of 1kg of Rice
Increased MoM By 7.56% in April 2020 - NBS
- Average Air
Passengers Fare Was Flat MoM in April 2020 - NBS
- Total Value of
Capital Importation into Nigeria Stood At $5,854.38m in Q1 2020 - NBS
- Nigeria's GDP Grew By 1.87% YoY
in Real Terms in Q1 2020
- Average Prices
of PMS, AGO, HHK and Cooking Gas - April 2020
- N1.33trn
Generated As IGR in 2019 - NBS
- Headline
Inflation Increases By 12.34% YoY In April 2020; 0.08% Higher Than March
2020 Rate
- 20.89bn Litres
of PMS Imported Into Nigeria in 2019 - NBS
- N338.94bn
Generated As VAT in Q1 2020 - NBS
- Total Household
Expenditure on Food and Non-food Was Put At N40.21bn in 2019 - NBS
- Poverty and
Inequality in Nigeria 2019: 40% of Total Population Classified as Poor
- GDP By Income and Expenditure Approach Q4 2019 - Household Final
Consumption Declined by -2.40%
- Average Price
of 1kg of Rice Increased By 21% YoY to N438.66 In March 2020
- Average
Transport Fare Paid By Commuters Within City Increased By 1.89% MoM in
March 2020
- Average Prices of PMS, AGO, HHK
and Cooking Gas - March 2020
- Headline
Inflation Increases By 12.26% YoY In March 2020; 0.06% Higher Than
February 2020 Rate
- Nigeria's Total
Public Debt Stood At N27.40trn in Q4 2019 - NBS
- FAAC Disburses
N647.35bn in February 2020 - NBS

Q1 2020
- Banking Sector
Records 893.68m Volume of Transaction in Q4 2019 - NBS
- Active Voice
Subscription Grew By 3.08% in Q4 2019 - NBS
- All Commodity
Group Import Index Fell by 3.27% Due Mainly to Declines in the Prices of
Goods
- Average Prices
of 1kg of Tomato Decreased By -10.65% YoY to N237.22 in Jan 2020 - NBS
- Average Fare
Paid By Commuters For Bus Journey Intercity Increased By 0.91% MoM in
February 2020
- Average Prices
Of PMS, AGO, HHK and Cooking Gas - February 2020
- Headline
Inflation Increases By 12.20% YoY In February 2020; 0.07% Higher Than
January 2020 Rate
- FAAC Disburses
N716.30bn in January 2020 - NBS
- FAAC Disburses
N2.93trn to FG in 2019 - NBS
- Total Value of
Capital Imported in Q4 2019 Stood At $3,802.38m - NBS
- FAAC Disburses
N650.83bn in December 2019 - NBS
- Nigeria's
Merchandise Trade Grew in Q4 2019; Imports Rose Faster Exceeding Falling
Exports
- Nigeria's GDP
Grew By 2.55% in Real Terms in Q4 2019 and 2.27% in Full Year 2019
- Average Prices of 1kg of Tomato
Decreased By -10.65% YoY to N237.22 in Jan 2020 - NBS
- Average Prices Of PMS, AGO, HHK
and Cooking Gas - January 2020
- Headline
Inflation Increases By 12.13% YoY In January 2020; 0.15% Higher Than
December 2019 Rate
- N293.80bn
Generated as IGR in Q3 2019 - NBS
- Nigeria's Total
Public Debt Stood At N26.14trn in Q3 2019 - NBS
- Average
Intercity Fare Increases By 1.43% MoM To N1, 666.57 In December 2019
- Average Price
of 1kg of Tomato Decrease YoY by -2.80% To N263.90 In December 2019
- All Commodity Group Index Grew
By 2.48% in Q3 2019
- Average
Prices Of PMS, AGO, HHK and Cooking Gas - December 2019
- Headline Inflation Increases By
11.98% YoY In December 2019; 0.13% Higher Than November 2019 Rate

