In the second quarter of 2020, the nominal year on year growth rate of Trade stood at –14.95%. This indicates a decrease of –17.97% points when compared to the rate in the second quarter of 2019, and –14.67% points lower than the previous quarter growth rate of –0.27%.
In nominal terms, Other Services declined by –13.40% (year-on-year) in Q2 2020. This growth rate is lower than the 5.92% growth rate recorded in the same quarter of the previous year and 3.71% in Q1 2020 by –19.32% points and –17.11% points respectively.
Nominal GDP growth of the Manufacturing sector in the second quarter of 2020 was recorded at –0.14% (year-on-year), or -37.92% points lower than figures recorded in the corresponding period of 2019 (37.79%) and –28.61% points lower than the preceding quarter’s figure of 28.47%. Quarter on Quarter growth of the sector was recorded at –13.31%.
In nominal terms, the Public Administration sector grew by 4.02% in Q2 2020, higher by 4.24% points from the corresponding quarter of 2019, and 10.35% points relative to Q1 2020. Quarter-on-Quarter, the sector grew by 34.28%.
Nominal growth In the Education sector in the second quarter of 2020 was –22.09% (year-on-year), down by –33.18% points from the corresponding quarter of 2019, and by –29.12% points when compared to Q1 2020
In real terms, the agricultural sector grew by 1.58% (year-on-year) in the second quarter of 2020, a decrease of –0.21% points from the corresponding period of 2019, and –0.62% points from the preceding quarter.
The non-oil sector declined by –6.05% in real terms during the reference quarter (Q2 2020). It was the first decline in real non-oil GDP growth rate since Q3 2017. The recorded growth rate was –7.70% points lower compared to the rate recorded during the same quarter of 2019, and –7.60% points compared to the first quarter of 2020
In the second quarter of 2020, an average daily oil production of 1.81 million barrels per day (mbpd) was recorded. This was -0.21mbpd lower than the daily average production of 2.02mbpd recorded in the same quarter of 2019, and –0.26mbpd lower than the first quarter 2020 production volume of 2.07mbpd
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.
