Despite the COVID-19 disease and the massive crash in crude oil prices, Nigeria’s economy grew by 1.87% in the first quarter of 2020.
This information was disclosed by the National Bureau of Statistics, NBS, on Monday.
The 1.87% growth is a decrease from the first quarter of 2019, which recorded a growth of 2.10%. This results in a contraction of 0.23%.
The contraction of 0.23% in the first quarter of 2020, could be attributed to the fall in the price of crude oil.
Crude oil price crashed to its all-time lowest points in the first quarter of 2020, due to the lack of demand caused by the total lockdown measures issued in many countries to curb the spread of the COVID-19.
As economies around the world reopens, and demand for crude oil increases, there are hopes that the price for crude oil would also increase along with the demand.
This increase could have a positive impact on the second quarter of 2020 on the Nigerian economy, as the economy is heavily dependent on the exportation crude oil.
