Public Management

Nigeria’s economy grew by 1.8% in Q1 2020, against 2.55% in Q4 2019

Nigeria’s economy grew by 1.8% in Q1 2020, against 2.55% in Q4 2019
Tuesday, 26 May 2020 18:24

Over the first quarter this year, Nigeria’s economy advanced by 1.8%, down from 2.55% the previous quarter, the slowest growth rate in a year and a half. Figures were provided by the national bureau of statistics on May 25.

The office links this weak evolution to the global sluggish environment due to the coronavirus pandemic and the tensions between Russia and Saudi Arabia, which caused oil prices to fall.

Over the period reviewed, growth in the Nigerian oil sector contracted by 1.3%, compared to Q4 2019, to 5.06%. The non-oil sector grew by only 1.55%, down 0.72% compared to the last three months of 2019, according to official data.

The country’s finance minister, Zainab Ahmed, recently reported that growth is expected to shrink up to 8.9% this year if a rescue plan is not deployed. While Nigeria is forecasting an increase in the poverty rate due to the pandemic, which has already affected 8,068 people in the country, the government is seeking $7 billion to revive the economy. The International Monetary Fund has already approved $3.4 billion.

Additional Info

  • communiques: Non
  • couleur: N/A
On the same topic
(EBID) - The Board of Directors of the ECOWAS Bank for Investment and Development (EBID) held its 92nd Ordinary Session on June 30, 2025. The Board...
• The IMF approved a $261.9 million disbursement under DR Congo’s credit program• Economic growth hit 6.5% in 2024, driven by the extractive sector•...
• Ghana’s Parliament approved a $360 million loan from the World Bank’s IDA• The funds will help pay road sector arrears, support vulnerable groups,...
(AMETRADE) - The 15th edition of the annual Africa PPP Summit (#APPP2025) is set to take place on 28 – 31 October 2025 at Hilton Hotel, Windhoek, Republic...
Most Read
01

Lebara Group is now bringing its affordable and reliable mobile services to Africa, starting with Ni...

Telecoms: Lebara Enters Nigerian Market with Strong Competitive Ambitions
02

Transport and food prices have been climbing steadily across Africa in recent years. In Côte d’Ivoir...

Côte d’Ivoire’s Fuel Price Cuts Haven’t Slashed Transport Costs–Yet
03

• BOAD releases CFA10 billion ($17.8 million) to support Boungou and Wahgnion gold mines.• Burkina F...

BOAD Grants CFA10 Billion to Revive Boungou and Wahgnion Gold Mines in Burkina Faso
04

In a West African financial landscape marked by tighter regulation of the fintech sector, digital fi...

In Five Years, Francophone Africa Will be A Major Force in African Tech –Régis Bamba
05

• Maritime sector faces renewed risks amid military tensions in the Middle East• Blockade fears at S...

Israel-Iran conflict raises new threats for global shipping and oil trade
Enter your email to receive our newsletter

Ecofin Agency provides daily coverage of nine key African economic sectors: public management, finance, telecoms, agribusiness, mining, energy, transport, communication, and education.
It also designs and manages specialized media, both online and print, for African institutions and publishers.

SALES & ADVERTISING

Benjamin FLAUX
bf@agenceecofin.com 
Téls: +41 22 301 96 11 
Mob: +41 78 699 13 72
Média kit : Download

EDITORIAL
redaction@agenceecofin.com

More information
Team
Publisher

ECOFIN AGENCY

Mediamania Sarl
Rue du Léman, 6
1201 Geneva
Switzerland

 

Ecofin Agency is a sector-focused economic news agency, founded in December 2010. Its web platform was launched in June 2011. ©Mediamania.

 
 

Please publish modules in offcanvas position.