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Nigeria’s GDP increases by 1.93% in 2018

Nigeria's GDP increases by 1.93% in 2018

By Anthony Okafor

The Nigeria’s Gross Domestic Product, GDP grew by 1.93 percent in 2018, compared to 0.82 percent recorded in 2017, the Nigerian Bureau of Statistics, NBS, has said.

This reflects an increase of 1.09 percent within the period under review.

The report also stated that the nation’s GDP in the fourth quarter of 2018, Q4’18 also grew by 2.38 percent (year on year).

In its quarterly report released on Tuesday, the bureau said the growth represents an increase of 0.27% points, when compared to the Q4’17, which recorded a growth rate of 2.11%.

The report indicates that the Q4 GDP growth performance implies that real GDP grew at an annual growth rate of 1.93% in 2018, compared to 0.82% recorded in 2017, an increase of 1.09% points.

The non-oil sector grew by 2.70% in real terms during the fourth quarter of 2018. This is 1.25% points higher than the growth rate recorded in Q4’17, and 0.38% points higher than the growth rate recorded in Q3’18.

According to the report, the non-oil sector contributed to the growth of the GDP in the Q4 which recorded 2.70% growth in real terms during the period under review of 2018.

The growth is 1.25% points higher than the growth rate recorded in Q4’17, and 0.38% points higher than the growth rate recorded in Q3’18.

‘‘In the Q4’18, Nigeria’s GDP grew by 2.38% in real terms (year-on-year). This represents an increase of 0.27% points when compared to the Q4’17 which recorded a growth rate of 2.11%.

‘‘It also indicates a rise of 0.55% points when compared with the growth rate recorded in Q3’18. On a quarter on quarter basis, real GDP growth was 5.31%.

‘‘The Q4 growth performance implies that real GDP grew at an annual growth rate of 1.93% in 2018, compared to 0.82% recorded in 2017, an increase of 1.09% points.

‘‘During the quarter, aggregate nominal GDP stood at N35,230,607.63 million, which is higher than N31,275,354.08 million recorded in Q4’17, a nominal growth rate of 12.65%. For 2018, nominal GDP was therefore recorded at N127,762,545.58million representing a nominal growth rate of 12.36% when compared to N113,711,634.61million recorded in 2017.

The Oil sector

The report shows that in the Q4’18, average daily oil production stood at 1.91 million barrels per day (mbpd).

Nigeria's GDP increases by 1.93% in 2018
Nigeria’s GDP increases by 1.93% in 2018

This was lower than the 1.95 mbpd recorded in the same quarter of 2017, and 1.94mbpd in Q3’18.

The oil sector is also said to have recorded a real GDP growth rate of –1.62% (year-on-year) in Q4’18, indicating a decline of –12.81% points relative to the growth rate recorded in the corresponding quarter of 2017.

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However, when compared to Q3’18, growth increased by 1.29% points. On an annual basis, real GDP growth for the oil sector stood at 1.14% as against 4.69% recorded in 2017.

The Oil sector contributed 7.06% to real GDP in Q4 2018, down from figures recorded in the corresponding period of 2017 and the preceding quarter, where it contributed 7.35% and 9.38% respectively.

For 2018, the contribution of the oil sector to aggregate real GDP was 8.60%, slightly lower when compared with 8.67% in 2017.

The Non-Oil sector

In the non-oil sector, the GDP grew by 2.70% in real terms during the same period under review.

This is 1.25% points higher than the growth rate recorded in Q4 2017, and 0.38% points higher than the growth rate recorded in Q3’18.

On an annual basis, the non-oil sector recorded a growth rate of 2.00% in 2018, performing considerably better than 0.47% seen in 2017.

The key performing activities during the quarter were Information and communication, Transportation and Storage, Arts and Entertainment, Agriculture and Manufacturing.

The Non-Oil sector contributed 92.94% to real GDP in the Q4’18, slightly higher than the 92.65% seen in Q4 2017.
For 2018, NBS said annual contribution was recorded at 91.40% against 91.33% in year 2017.

Key performing activities on an annual basis include Transport, Information and Communication, Electricity, Water, as well as Arts and Entertainment.


 

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