August 24, 2020/Cowry Asset Report

In line with our expectation, Nigeria’s real Gross Domestic Product contracted year-on-year (y-o-y) by 6.10% to N15.90 trillion in Q2 2020, down from a 1.87% growth registered in Q1 2020 – amid negative impact of COVID-19 pandemic which compelled government to restrict movements, especially in April 2020.Given the ease in lockdown, which began from the month of May 2020, coupled with the sustained rise in crude oil prices, we expect a slower GDP contraction rate in Q3 2020.

Click here to read full PDF copy of report