The National Bureau of Statistics (NBS) has said that Nigeria’s gross domestic product (GDP) has diminished by –6.10% (year-on-year) in real terms in the second quarter of 2020, bringing to an end the 3-year trend of low but positive real growth rates recorded since the 2016/17 recession.

According to the NBS, the decline was largely attributable to considerably 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, led by both the Federal and State governments, evolved over the course of the quarter and persisted throughout, varies from initial restrictions of human and vehicular movement implemented in only a few states to a nationwide curfew, closure of schools and markets, bans on domestic and international travel, etc.,  have affected both local and international trade.

When compared with Q2 2019, which recorded a growth of 2.12%, the Q2 2020 growth rate points to a drop of –8.22% points, and a fall of –7.97% points when compared to the first quarter of 2020 (1.87%). Thus, for Nigeria’s 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%.