Q1 2020 GDP Escapes Full Impact of Covid-19, Q2 Not So Lucky

Nigeria’s GDP increased by 1.87% YoY in Q1 2020 compared to 2.55% YoY growth in Q4 2019
Services and Oil sector GDP posted growth of 3.5% and 5.1% YoY respectively in Q1.
The Oil sector growth suggests crude oil production averaged 2.07mbpd in Q1 20, higher than average of 2.00mbpd in Q4 19 and 1.99mbpd in Q1 19.

Nigeria’s Q1 GDP figures released this morning decelerated less than expected, although we noticed some concerning elements in the details of the report.

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Weekly Economic and Financial Commentary – May 25, 2020

MPC Preview: Economic Stability Regains Priority but Policy Options Still Limited

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