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Nigeria’s GDP Shrinks By 6.10 Per Cent In Second Quarter

Nigeria’s GDP Shrinks By 6.10 Per Cent In Second Quarter

Nigeria’s Gross Domestic Product (GDP) decreased by six percent in real terms in the second quarter of 2020, according to the Nigeria Bureau of Statistics.

This was contained in the NBS’s GDP report published on Monday.

The retreat ends a three-year trend of low but positive real growth rates recorded since the national economy emerged from recession in 2017.

According to the NBS, 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.”

More to follow . . .

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