JUST IN: Recession imminent as Nigeria’s GDP contracts by -14.27,%

Nigeria’s economy has contracted by -14.27 percent from the last quarter, as it recorded paltry 1.87 percent growth first quarter of 2020, dropping lower than the 5.59 percent recorded in the last quarter of 2019.

“Quarter on quarter, real GDP growth was –14.27 percent compared to 5.59 percent recorded in the preceding quarter” says the nation’s statistical agency, the National Bureau of Statistics (NBS).

The NBS in its latest report on Nigeria’s Gross Domestic Product (GDP) noted that it grew by 1.87 percent (year-on-year) in real terms in the first quarter of 2020.

Nigeria’s finance minister Zainab Ahmed last week presented a grim picture of the economy when she announced at the National Economic Council (NEC) meeting that the country slid into a negative in the first quarter of the year following a shortfall of N425.52 billion representing 31.1 percent in its oil revenue

The nation recorded only N940.90 billion as against N1.366 trillion oil revenue projected to come into the treasury between January and March 2020