NIGERIA’S ECONOMY CONTRACTS BY -6%-NBS
Despite cankerous effects of COVID19 on the Nation’s economy across the world latest report by the National Bureau of Statistic NBS shows that Nigeria’s gross domestic product (GDP) has contracted by six per cent in the second quarter of 2020 thereby putting an end to 3yrs trend of low but positive GROWTH since 2016/2017 recession.
According to the report which was released on Monday, Oil GDP contracted by -6.63 percent from 5.06 percent in the first quarter and 5.15 percent in the second of 2019.
Non-oil GDP was also reported to have contracted by -6.05 percent from 1.55 percent in the first quarter of 2020 and 1.64 percent in the second quarter of 2019
The GDP report now ends a 3yrs trend of low but positive GROWTH since 2016/2017 recession.