• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Economy

Nigeria’s GDP contracts by 1.92% in 2020, as economy initiates recovery

5 years ago
in Economy, highlights, Home, home-news, latest News
2 min read
0 0
0
62
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Nigeria’s Gross Domestic Product (GDP) contracts by 1.92% in real terms in 2020 from N71.39 trillion recorded in 2019 to N70.01 trillion.

This is according to the Gross Domestic Product Report, released by the National Bureau of Statistics (NBS) on Thursday.

However, the economy posted real GDP growth of 0.11% in the fourth quarter of the year, suggesting that the economy is exiting the covid induced recession.

Checks by Nairametrics also showed that the 2020 aggregate GDP represents a 0.29% increase when compared to N69.81 trillion recorded in 2018.

Sectoral performance

  • The oil sector contracted by 8.89% in 2020 compared to 4.59% recorded in 2019 and 0.97% in 2018.
  • Non-oil sector however also contracted by 1.25% as against 2.06% growth recorded in the previous year.
  • Meanwhile, the agricultural sector grew by 2.17% in real terms in 2020, slightly below the 2.36% growth recorded in 2019.
  • The manufacturing sector also recorded a decline of 2.75% in its annual GDP compared 0.77% growth recorded in 2019, information and communication grew by 12.9% while the financial and insurance sector recorded growth of 9.37% in 2020.
  • Others include; trade (-8.49%), transportation and storage (-22.26%), real estate (-9.22%), education (-13.57%), public administration (0.1%).

Why the contraction

The negative growth can be attributed to the downturn caused by covid-19 pandemic, which necessitated lockdown actions across the country as a measure to curb the spread of the pandemic.

RelatedPosts

President Mahama Targets Billion-dollar Ghana–Singapore Trade in 24-Hour Economy Pitch to Investors

Unpaid Taxes “Very Frightening”, Says Hon. Nana Osei-Adjei

Dollar Slides as Trump Fires Fed Governor Lisa Cook

  • The implementation of the lockdown, caused significant disruptions in the value chain, halt in most aspects of the economy, disruption in the manufacturing sector, and many more. Specifically, many Nigerian lost their jobs during this period, and those who had their jobs had to work remotely from their various homes.
  • The EndSARS protest that turned violent was also a significant event that caused disruption in normal business activities as many states in the western part of Nigeria were forced to declare a curfew. The period was characterised by the destruction of private and public-owned properties, which some victims are yet to recover from.

Key takeaways

GDP is Nigeria’s biggest economic data and it measures the monetary value of everything produced in the country. It depicts the nation’s total economic activity.

  • A decline in GDP means major economic activities are slow or sluggish, which may be as a result of several factors.
  • The latest figure shows that Nigeria’s economy contracted by 1.92% in 2020 compared to a growth rate of 2.27% recorded in the previous period.
  • A positive growth of 0.11% recorded in Q4 2020, indicates that Nigeria has recorded from its economic recession.
  • The Information and Communication sector grew the highest in the year with 12.9% growth, mostly attributable to the increased usage of internet and mobile devices during the lockdown.

Source: nairametrics
Via: norvanreports
Tags: covid induced recessionNational Bureau of Statistics (NBS)Nigeria’s Gross Domestic Product (GDP)Non-oil sectoroil sector
No Result
View All Result

Highlights

IISD and IMANI to Host Roundtable Shaping Ghana’s New Independent Fiscal Authority

Premier League: Ngumoha’s Late Goal Seals Liverpool’s Thrilling Win Over Newcastle

US Open: Venus Williams and Keys Bow Out as Alcaraz Launches Campaign

GSE Opens Week Higher as CPC Posts First Gain of 2025

Asante Gold Announces Completion of $500m Financing Package to Boost Bibiani and Chirano Growth Plans

Gov’t Pledges to Intensify Reforms in Gold Sector Ahead of Crucial Anti-Money Laundering Assessment

Trending

Business

President Mahama Targets Billion-dollar Ghana–Singapore Trade in 24-Hour Economy Pitch to Investors

August 26, 2025

President Mahama Targets Billion-dollar Ghana–Singapore Trade in 24-Hour Economy Pitch to Investors President John Dramani Mahama has...

Unpaid Taxes “Very Frightening”, Says Hon. Nana Osei-Adjei

August 26, 2025

Dollar Slides as Trump Fires Fed Governor Lisa Cook

August 26, 2025

IISD and IMANI to Host Roundtable Shaping Ghana’s New Independent Fiscal Authority

August 26, 2025

Premier League: Ngumoha’s Late Goal Seals Liverpool’s Thrilling Win Over Newcastle

August 26, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.