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Nigeria’s GDP slows to 1.87% in Q1’20, lowest in 5 quarters

Nigeria’s economy slowed to its lowest level in more than a year as the impact of the coronavirus pandemic took a toll on both oil and the non-oil sectors of the economy.

 

Growth in Real Gross Domestic Product (RGDP), a metric which measures the total monetary value of economic activities in the country after being deflated by a base year price index, stood at 1.87 percent, 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 percent which the economy reported in the fourth quarter of 2019.

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

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