By using this site, you agree to the Privacy Policy and Terms & Conditions.
Accept
Okay.ngOkay.ngOkay.ng
Font ResizerAa
  • News
    • Politics
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Reading: Nigeria’s GDP shrinks by 6.10% in Q2 2020
Share
Font ResizerAa
Okay.ngOkay.ng
  • News
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Search
  • News
    • Politics
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Follow US
  • About Okay.ng
  • Advertising on Okay.ng
  • Contact Okay.ng
  • Careers
  • Meet the Team behind Okay.ng
  • Ownership and Funding of Okay.ng
  • Editorial Principles at Okay.ng
© OKN MEDIA PUBLISHING 2022 - All rights reserved
Business

Nigeria’s GDP shrinks by 6.10% in Q2 2020

Muhammad A. Aliyu
By Muhammad A. Aliyu
Published: August 24, 2020
Share
2 Min Read
SHARE

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

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.

This is the first time in three years that Nigeria’s economy will record a negative growth after its exit from the 2016 recession.

- Advertisement -

“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,” the report read.

“The 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.

“The efforts, led by both the federal and state governments, evolved over the course of the quarter and persisted throughout.”

Stay Updated on the Go with Our Latest News—Join Our WhatsApp Channel Now!
TAGGED:GDPNigeria
Share This Article
Facebook Whatsapp Whatsapp Telegram Email Copy Link Print
ByMuhammad A. Aliyu
Follow:
Muhammad Ameer Aliyu, is a prolific journalist who joined Okay Nigeria in 2015 with the aim staying committed to bringing more positive growth to the digital news platform. He is the Senior Editor at Okay Nigeria.
Previous Article Lagos health commissioner contracts coronavirus
Next Article ASUU vows to continue strike, gives reasons

Connect with Okay on Social

FacebookLike
XFollow
InstagramFollow
TelegramFollow

Dollar/Naira Rates

Okay.ng Logo

Parallel Market Rates

USD
Buy₦1,540.00
Sell₦1,560.00
GBP
Buy₦2,148.00
Sell₦2,180.00
EUR
Buy₦1,740.00
Sell₦1,800.00

Updated: 11 hours ago

Displayed rates are for informational purposes only and are subject to change.

Quick Converter

0.00
ShareShareShare

Rates are for informational purposes only.

Okay.ng Logo Parallel Market Rates
USD
Buy
Sell
GBP
Buy
Sell
EUR
Buy
Sell
| okay.ng
- Advertisement -
- Advertisement -
Ad imageAd image
- Advertisement -
Ad imageAd image

Recent Posts

ADC Asserts Neutrality Amidst Political Realignments, Denies Bias in Presidential Race
Politics Top stories
Nigeria Union of Teachers
FCT Teachers to Resume as NUT Suspends Over Three-Month Strike
Education
Boladale Odunlami, Commercial Manager, Nestlé Nigeria; Olabisi Joseph, President, Nigeria School Sports Federation (NSSF); and Ifeanyichukwu Orabuche, Category Manager, Beverages, Nestlé Nigeria, pose with the triumphant Father O’Connell Science College team after they clinched the male championship title at the 25th MILO Basketball Championship held at the Indoor Sports Hall, National Stadium, Lagos.
25 Years of Impact as Nestlé’s MILO Basketball Championship Shapes Nigeria’s Future Champions
Sport
New Admission Benchmarks Set to Standardise Tertiary Entry Across Nigeria
Education
Dangote Refinery
Dangote Refinery Cuts Petrol Price Again to ₦820 Per Litre, Expands Distribution Network
Energy & Oil
- Advertisement -
Ad imageAd image

You May Also Like

David Mark
Politics

2027: ADC Has No Preferred Presidential Aspirant – David Mark

Muhammad A. Aliyu
Muhammad A. Aliyu
July 8, 2025
JAMB Registrar, Is-haq Oloyede
Education

JAMB Suspects Foul Play in 2025 UTME Top Scorer’s Result

Muhammad A. Aliyu
Muhammad A. Aliyu
July 8, 2025
Bukky Wright
Celebrities

I Wish to Remarry – Bukky Wright

Damilola A.
Damilola A.
July 8, 2025
Okay.ngOkay.ng
Follow US
© OKN MEDIA PUBLISHING 2025 - All rights reserved
  • About Okay.ng
  • Advertising on Okay.ng
  • Contact Okay.ng
  • Careers
  • Meet the Team behind Okay.ng
  • Ownership and Funding of Okay.ng
  • Editorial Principles at Okay.ng
adbanner
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?