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Despite Decline, Nigeria Economy Performed Better Than US, UK, In Q2 – Presidency

Despite Decline, Nigeria Economy Performed Better Than US, UK, In Q2 – Presidency

The Presidency on Wednesday said the nation’s economy, despite contraction, performed better than that of the United States, United Kingdom, France, Germany and others in the second quarter of 2020.

The nation’s economy shrank in the second quarter of this year as the Gross Domestic Product fell by 6.10 per cent.

This was revealed by the National Bureau of Statistics, in its GDP report for Q2 2020, on Monday.

Reacting to NBS’ figures, the presidency in a statement issued by the Special Adviser to the President on Media and Publicity, Femi Adesina said the overall decline of -6.1% (for Q2 2020) and -2.18 per cent (for H1 2020) was better than the projected forecast of -7.24% as estimated by the National Bureau of Statistics.

He said the figure was also relatively far better than many other countries recorded during the same quarter.

He said:

Furthermore, despite the observed contraction in economic activity during the quarter, it outperformed projections by most domestic and international analysts. It also appears muted compared to the outcomes in several other countries, including large economies such as the US (-33%), UK (-20%), France (-14%), Germany (-10%), Italy (-12.4%), Canada (-12.0%), Israel (-29%), Japan (-8%), South Africa (projection -20% to -50%), with the notable exception of only China (+3%).

The government’s anticipation of the impending economic slowdown and the various initiatives introduced as early responses to cushion the economic and social effects of the pandemic, through the Economic Sustainability Programme (ESP), contributed immensely to dampening the severity of the pandemic on growth.


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