The Nigerian economy recorded a 1.87% Year on Year growth in Q1 2020. This is a decline in growth from 2.55% in Q4 2019. The nation also reported nominal GDP of $91.28 billion and a real GDP of $42.86 billion for the first quarter.
Nigeria increased its oil production during the period under review. According to a report released by the Nigerian Bureau of Statistics, the country produced 2.07 million barrels per day (mbpd) in the first quarter of 2020 as compared to 1.99 million barrels per day in 2019 Q1.
SEE ALSO: Nigeria Oil Revenues Likely to Decline by $17Bn in 2020
Nigeria managed to protect its oil industries from shocks in crude oil prices by ramping up oil production, hitting its highest records since 2016. The county’s oil sector recorded a real growth rate of 5.06% in Q1 2020, 1.3% short of 6.36% in Q4 2019. Growth in the oil sector is critical to Nigeria as oil contributes to 9.5% of its GDP.
GDP growth in the first three months of 2020 slowed down from last year’s Q1 GDP growth of 2.55%. The slowdown, according to the Bureau, is because of the disruptions caused by COVID19.
The country’s non-oil economy growth declined by 0.93% to 1.55% compared to Q1 2019.
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