The economy of Nigeria contracted by 6.1% between Q2 2019 and Q2 2020, according to the National Bureau of Statistics, Nigeria. This is a heavy contraction – the largest in the last ten years. This breaks about 13 quarters of slow-po growth in the GDP.
Nigeria does not have an economy; we only have an oilnomy since anytime oil men sneeze in Texas, the fate of millions of people shift. Add the 27.1% unemployment rate in the nation, you see a huge paralysis!
Nigeria’s economy contracted by 6.10 per cent in the second quarter of 2020, a report by the National Bureau of Statistics (NBS) said on Monday.
Details of the Nigerian Gross Domestic Product Report for Q2 2020 showed that the decline was due to a contraction in domestic and international economic activity during the quarter (April to June 2020).
It is the biggest contraction of the nation’s economy in at least a decade.
“The decline was largely attributable to significantly lower levels of both domestic and international economic activity during the quarter, which resulted from nationwide shutdown efforts aimed at containing the COVID-19 pandemic,” the NBS said on Monday.
Yes, if the economy only contracted by 6.1%, it means our prayers are working. Other economies saw more dislocations. Largely, I do think we do not know where we are as everything is guesswork. YouTube is a big “economy” for Nollywood now; I am not sure anyone is picking that up as the revenue is possibly hitting American banks. When an economy is too informal and porous, you have a domino effect.