Nigeria’s economy enters negative growth

Nigeria’s economy has entered a negative growth as confirmed in a new report released by the National Bureau of Statistics (NBS) on Monday August 24. 

The country’s Gross Domestic Product (GDP) contracted by –6.10 per cent in the second quarter of 2020. The decline was as a result of contraction in domestic and international economic activity during the quarter (April to June 2020).

According to the NBS, the initial restrictions of human and vehicular movement implemented in only a few states, the nationwide curfew, ban on domestic and international travel, closure of schools and markets etc affecting both local and international trade were part of the domestic effort that aided in the decline. 

The negative growth puts an end to a three-year trend of low but positive real growth rates recorded since the last recession in 2016.