In the first quarter of 2020, the nominal year on year growth rate for Trade stood at -0.27%. This indicates a decrease of –5.09% points when compared to the first quarter of 2019.
In nominal terms, Other Services grew by 3.71% (year-on-year) in Q1 2020. This rate is lower than the 6.38% growth rate recorded in the same quarter of the previous year, as well as the growth rate of 4.21% recorded in Q4 2019 by –2.67% points and –0.51% points respectively.
Nominal GDP growth of the Manufacturing sector in the first quarter of 2020 was recorded at 28.47% (year-on-year), or -7.97% points lower than figures recorded in the corresponding period of 2019 (36.45%) but 2.18% points higher than the preceding quarter rate of 26.29%.
In nominal terms, the Public Administration sector grew by -6.33% in Q1 2020, higher by 4.51% points from the corresponding quarter of 2019 but lower by -9.02% points relative to Q4 2019.
Nominal growth in the Education sector, in Q1 2020, was 7.03% (year-on-year), down by -2.61% points from the growth of 9.64% reported in the corresponding quarter of 2019, but down by –0.15% points when compared to the growth rate of 7.18% in Q4 2019.
In real terms, the agricultural sector grew by 2.20% (year-on-year) in the first quarter of 2019, a decrease or -0.97% points compared to the corresponding period of 2019.
The non-oil sector grew by 1.55% in real terms during the reference quarter (Q1 2020). This is –0.93% points lower when compared to the rate recorded in the same quarter of 2019.
In Q1 2020, Nigeria recorded average daily oil production of 2.07 million barrels per day (mbpd), This output was higher than the daily average production in the same quarter of 2019 by 0.08mbpd and fourth quarter of 2019 by 0.06mbpd.
The total value of capital importation into Nigeria stood at $5,820.21m in the second quarter of 2019. This represents a decrease of -31.41% compared to Q1 2019 and +5.56% increase compared to the second quarter of 2018.
The largest amount of capital importation by type was received through Portfolio investment, which accounted for 73.76% ($4,292.89m) of total capital importation, followed by Other Investment, which accounted for 22.41% ($1,304.43m) of total capital imported and Foreign Direct Investment (FDI), which accounted for 3.83% ($222.89m) of total capital imported in Q2 2019.
