At 1.87% in Q1, economy growth lowest in 5 quarters

Nigeria’s economy grew by 1.8% in the first quarter of 2020 according to data from the National Bureau of Statistics (NBS) marking its lowest level in the last 15 months.

Both the oil and non-oil sectors of the economy the slower growth in the economy was reported in both the oil and the non-oil sector, as both sectors eased from 6.36 per cent and 2.26 per cent, in the previous quarter, from to a growth of 5.06 per cent and 1.55 per cent respectively, in Q1 2020.

NBS noted on Monday that Real Gross Domestic Product (RGDP) growth, a metric which measures the total monetary value of economic activities within the economy after being deflated by a base year price index, stood at 1.87 per cent, year on year, in the first quarter of 2020, the National Bureau of Statistics (NBS) said, Monday.

That’s a slower growth when compared with the 2.55 per cent which the economy reported in the fourth quarter of 2019.


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