National Bureau of Statistics has said that the Nigerian Economy real Gross Domestic growth dropped by -1.92 per cent at the end of 2020. In its latest report on the economy NBS said “In the third quarter of 2020, Nigeria’s real GDP at basic prices grew by -3.62 per cent on a year on year basis, marking a second consecutive quarter of negative real GDP growth after -6.10%. recorded in the second quarter (Q2). In the fourth quarter of 2020 however, growth turned positive, recording 0.11% in Q4 year on year. Nevertheless, the negative quarterly growth rates recorded in Q2 and Q3 2020 resulted in annual growth rate of -1.92% for 2020, compared to 2.27% recorded in 2019. Compared to the third and fourth quarters of 2019, the growth performance in 2020 was slower by -5.90% points and -2.44% points respectively.
It also said “Household Consumption Expenditure, in Q3 and Q4 2020 grew by 6.10% and 16.59% in real terms, year on year. For 2020, the annual growth rate in real house hold consumption expenditure stood at 0.81% compared to -1.06% in 2019. Government Consumption Expenditure recorded growth rates at 99.18% and 12.13% in Q3 and Q4 2020 respectively, year on year, while annual growth rate stood at 61.58% in 2020 compared to 8.78% in 2019”.
According to the report “Net Exportsrecorded positive growth rates in the first two quarters of 2020 but turned negative in the third and fourth quarters of 2020. Net exports grew in real terms in Q3 and Q4 2020 by – 52.39%and-72.61%respectively. As a result, on an annual basis, net exports recorded a growth rate of -29.55% in 2020 compared to 7.64% recorded in 2019. National Disposable Income grew by 4.44% in the third quarter of 2020 and 3.13% in the fourth quarter of 2020. For annual figure in 2020, growth in national disposable income stood at 3.34% compared to 0.35% in 2019. Compensation of Employees, during the third and fourth quarters of 2020 grew by -2.32%, and 6.36% respectively in real terms on year on year basis. For 2020, the growth rate stood at 0.96% compared to 8.99% in 2019.
| 2019 | 2020 | |||||
| Annual | Q1 | Q2 | Q3 | Q4 | Annual | |
| GDP (Basic price) | 2.27 | 1.87 | -6.1 | -3.62 | 0.11 | -1.92 |
| GDP (Market price) | 2.21 | 1.95 | -6.04 | -3.14 | 0.01 | -1.79 |
| Household Consumption | -1.06 | -4.86 | -18.11 | 6.1 | 16.59 | 0.81 |
| Gov. Cons. Expenditures | 8.78 | 6.8 | 148.29 | 99.18 | 12.13 | 61.58 |
| Gross Fixed Capital Formation | 8.29 | 4.46 | -25.38 | -6.57 | -1.08 | -7.55 |
| Net Exports | 7.64 | 20.02 | 3.22 | -52.39 | -72.61 | -29.55 |
| National Disposable Income | 0.35 | 3.57 | 2.14 | 4.44 | 3.13 | 3.34 |
| Compensation of Employees | 8.99 | 6.7 | -6.47 | -2.32 | 6.36 | 0.96 |
| Operating Surplus | 1.48 | 0.25 | -5.93 | -4.17 | -2.34 | -3.07 |
| Other Current Transfers from RoW Net | 9.62 | 10.24 | 53.74 | 73.23 | 24.54 | 37.83 |
It said that Household Consumptionaccounted for the largest share of real Gross Domestic Product at market prices, representing 58.09% and 60.43% in Q3 and Q4 2019 respectively, compared to 63.63% and 70.45% in the corresponding quarters of 2020. Net Exports, which represented 11.00% of total real GDP at market prices in Q3 2020, however declined considerably in Q4 to 4.65%. The share of General Government Consumption expenditure represented 10.43% in Q3, but fell to 7.14% in Q4 2020. Gross Fixed Capital Formationaccounted for 13.24% of real GDP in Q3, rising to 14.91% in Q4 2020. The share of Non-Profit Institutions Serving Households (NPISH)rose from less than 1% in Q1 and Q2 2020 to 1.30% in Q3 and 2.19% in Q4 2020. For the first time, NPISH had a share above 1% arising from interventions on COVID-19 pandemic”.
