Nigeria’s economy contracted by 6.10 per cent in the second quarter of 2020, a report by the National Bureau of Statistics (NBS).Details of the Nigerian Gross Domestic Product Report for Q2 2020 showed that the decline was due to a contraction in domestic and international economic activity during the quarter (April to June 2020). It is the biggest contraction of the nation’s economy in at least a decade.
Countries of the world had shut down their economies following the outbreak of coronavirus. Nigeria implemented a nationwide shutdown in March, amid efforts to contain the spread of the COVID-19 pandemic. The NBS noted on Monday that domestic efforts ranged from initial restrictions of human and vehicular movement implemented in only a few states to a nationwide curfew, bans on domestic and international travel, closure of schools and markets etc., affecting both local and international trade.