Nigeria Economic Alert: Q1'20 GDP report: Broad-based shocks to global economy weighs on the country's growth

Click here to unsubscribe. pwc.com/ng   Q1'20 GDP report: Broad-based shocks to global economy weighs on the country's growth Nigeria Economic Alert Our latest Nigeria Economic Alert: Q1'20 GDP report: Broad-based shocks to global economy weighs on the country's growth provides an analysis of Q1'2020 GDP figures recently released by the National Bureau of Statistics (NBS). Nigeria's economy recorded the slowest first-quarter growth since 2016 (post-recession). Real GDP rose by 1.87% year on year, from N16.57trn in Q1 2019 to N16.89trn in Q1 2020. This performance was due to the typical low-growth trend in economic activities, which usually occurs during the first quarter. However, the low growth trends in Q1 2020 was further impacted by the twin shocks to the global economy resulting from COVID-19 outbreak and the oil price war between Saudi Arabia and Russia. The outbreak of COVID-19 has brought to the fore the need to build a resilient economy that can withstand global shocks. This is a great opportunity for Nigeria to adopt a balanced growth approach, which emphasises the importance of simultaneously developing non-oil sectors and the oil sector value-chain. Download the full Alert below and feel free to reach out to us if you require an in depth discussion on the economic indices and possible scenarios for the future. Download Nigeria Economic Alert   Contact us Andrew S. Nevin (PhD) Partner & Chief Economist andrew.x.nevin@pwc.com Omomia Omosomi Manager omomia.omosomi@pwc.com                 Follow us         You're receiving this email because you are listed as a client of PwC or have opted to subscribe to one or more of our email distributions. If you'd prefer not to receive updates, you have the right to withdraw your consent at any time. © 2001 - 2020 PwC. All rights reserved. PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. Please see www.pwc.com/structure for further details. Legal Disclaimer | Site Provider | Privacy Statement

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