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UPDATE 1-Nigeria's economy expands 1.87% y/y in Q1 - stats office

Published 25/05/2020, 09:49

* Nigeria Q1 growth slowest in 18 months -stats office
* Expected recession could be worst in 40 years -World Bank
* Oil production at highest in over 4 years -stats office

(Adds details)
By Paul Carsten
ABUJA, May 25 (Reuters) - Nigeria's economy grew 1.87% in
the first three months of 2020 from a year earlier, the
statistics office said on Monday, shrinking from the previous
quarter as oil prices and international trade fell due to the
coronavirus pandemic.
It is the slowest quarterly growth rate in one-and-a-half
years, and comes as Nigeria has still not recovered from a 2016
recession that sent more than 13 million people into
unemployment.
The slowdown reflects "the earliest effects of the
disruption" from the global outbreak, said Nigeria's National
Bureau of Statistics, and comes as the government expects
Africa's largest economy to contract this year as much as 8.9%
in a worst case scenario. Nigeria's crude production was 2.07 million barrels a day,
the statistics office said, the country's highest level in more
than four years.
But a global oil price crash due to reduced demand from the
pandemic threatens to offset those gains, with annual growth in
the oil sector contracting 1.3% from the previous quarter to
5.06%.
The non-oil sector was also hit: growing by just 1.55%,
which was down 0.72% from the last three months of 2019, the
statistics office said.
The World Bank expects the coming recession to be "much more
pronounced" than in 2016 and potentially Nigeria's worst
financial crisis in four decades.

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