Economy in Nigeria is facing negative development — NBS
The growth rate of Nigeria’s Gross Domestic Product (GDP) decreased by 6.10% in the second quarter of 2020, the National Statistics Bureau (NBS) announced on Monday.
Data from the Nigerian Gross Domestic Product Report for Q2 2020 showed the fall in the quarter was due to a contraction in domestic and foreign economic activity from April to June.
Countries of the world had shut down their economies following the outbreak of the coronavirus.
Daily Times recalls that Nigeria implemented a nationwide shutdown in March amid efforts to contain the spread of the COVID-19 pandemic.
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The NBS noted on Monday that 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.
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These efforts, led by both the federal and state governments, evolved over the course of the quarter and persisted throughout, it noted.
The decline ends a three-year trend of low but positive real growth rates recorded since the last recession in 2016, the report showed.
