The Lagos Chamber of Commerce and Industry (LCCI) has noted with concern the decline in national output in second quarter of 2020.
According to the GDP report by the National Bureau of Statistics, the economy contracted by a record 6.1 percent in the second quarter, and this marks the steepest quarterly contraction in Nigeria’s recent economic history.
The contraction in Q2-2020 also ended the three-year trend of marginal but positive growth era the Nigerian economy had after exiting recession in Q2-2017.
The 6.1 percent contraction is not a surprise as the number reflects the profound impact of the covid-19 pandemic on the Nigerian economy.
The Director General, LCCI, Dr Muda Yusuf, while commenting on 2020 second quarter Gross Domestic Product (GDP) report recently, noted that the containment measures including lockdown, national curfews, inter-state travel bans, closure of schools, airlines, businesses imposed globally and domestically to slow the spread of the pandemic, significantly disrupted global supply chains and destabilized commercial, business, investment, and trade activities.