The National Bureau of Statistics said on Monday that the country recorded 1.87per cent (year-on-year) in real terms in Gross Domestic Product during the first quarter of 2020.
The NBS, which disclosed this in its ‘Nigeria’s Gross Domestic Product’ report for first quarter of this year, said that the growth was recorded inspite of the significant global disruptions caused by the global public health crisis occasioned by the COVID-19 pandemic, a sharp fall in oil prices, and restricted international trade.
According to the NBS, the performance recorded in Q1 2020 represents a drop of –0.23 per cent points compared to Q1 2019 and –0.68 per cent points compared to Q4 2019, reflecting the earliest effects of the disruption, particularly on the non-oil economy.
Quarter on quarter, real GDP growth was –14.27 per cent compared to 5.59 per cent recorded during the previous quarter.
During the first quarter of this year, aggregate GDP stood at N35.64m in nominal terms.
This performance was higher when compared to the first quarter of 2019, which recorded N31.82m, with a nominal growth rate of 12.01 per cent year on year.
Compared to the first quarter of 2019, the nominal growth rate was higher by 0.11 per cent points but lower than the previous quarter by –0.32 per cent points.
In the first quarter of this year, an average daily oil production of 2.07 million barrels per day (mbpd) was recorded.
The production level was higher than the 1.99mbpd recorded in the same quarter of 2019 by 0.08mbpd and the fourth quarter of 2019 by 0.06mbpd.
Also, in the first quarter of this year, the oil sector recorded a real growth rate of 5.06 per cent (year-on-year), representing an increase of 6.51 per cent points relative to the rate recorded during the same quarter in 2019.
But growth decreased by –1.30 per cent points when compared to Q4 2019, which was 6.36 per cent.
Quarter-on-quarter, the oil sector recorded a growth rate of 11.30 per cent in Q1 2020.
The nation’s oil sector contributed 9.50 per cent to aggregate real GDP in the first quarter of this year, up from figures recorded within the same period in 2019 and the previous quarter, as the share of the non-oil economy declined.
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COVID-19: Makinde confirms six more cases in Oyo firm
Oyo State Governor, Seyi Makinde, on Monday, confirmed that six more employees of a firm, iSON Xperiences, located in Ibadan South West Local Government Council Area of the state, have been confirmed to have been infected by COVID-19.
This brings the total number of cases from the firm to 149.
Makinde, who is the head of the Oyo State COVID-19 Task Force, disclosed this via his verified Twitter handle.
He also disclosed that one more case also reported from Ibadan South West Local Government Council Area, has brought the total number of confirmed cases of COVID-19 infection in the state to 240.
“So, the total number of confirmed cases in Oyo State is 240.”
The governor tweeted, “The COVID-19 confirmation tests for seven suspected cases came back positive. Six are from iSON Xperiences and one case is also from Ibadan South West Local Government Council Area of Oyo State.