Nigeria’s Economy Worsens, GDP Plunges Deeps By 6.10%

It’s yet another sad situation for the Nigerian economy with recent report released on Monday by the National Bureau of Statistics (NBS) shows that GDP took a deep turn as it declined in real terms by 6.10% in real terms year-on- year in Q2 2020.

According to the numbers contained in the GDP report, the performance recorded in Q2 2020 represents a drop of 8.22% points when compared to Q2 2019 (2.12%), and 7.97% points decline when compared to Q1 2020 (1.87%). Apparently, the significant drop reflects the negative impacts of the disruption caused by COVID-19 pandemic and crash in oil price on the Nigerian economy.

This is definitely not a good one for the country as major economic indices are on the downward slope including unemployment rate which rose up to 27% in a recent report even as inflation is on the rise.

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