Africa's largest economy is returning back to flourishing days as Nigeria's GDP stands at 1.93%

Africa's largest economy is returning back to shape as GDP growth expanded by 2.38% in the fourth quarter of 2018.

Nigerian economy mostly rely on earnings from oil.
  • Nigeria’s Gross Domestic Product (GDP) grew by 1.93% in 2018 compared to 0.82% recorded in 2017.
  • The National Bureau of Statistics says oil sector dragged growth in 2018.
  • Non-oil sector lifts the economy by 2.0% in 2018 far better than 0.47% recorded in 2017.

Nigeria’s Gross Domestic Product (GDP) grew by 1.93% in 2018 compared to 0.82% recorded in 2017, representing an increase of 1.09% points.

The National Bureau of Statistics (NBS) stated this in its Q4 full year 2018 released on Tuesday, February 12, 2019, in Abuja, the nation's capital.

According to the NBS, in the fourth quarter, the economy expanded by 2.38% compared to 2.11% recorded the same period in 2017.

This figure represents an increase of 0.27% points when compared to the fourth quarter of 2017.

NBS report also indicates a rise of 0.55% points when compared with the growth rate recorded in Q3 2018.

In the period under review, oil production dipped to 1.91 million barrels per day (mbpd) from 1.94 mbpd in the third quarter of 2018.

Oil sector drags in 2018

According to the NBS, the oil sector dragged in 2018, contributing 8.60% to the aggregate real GDP, slightly lower when compared to 8.67% recorded in the preceding year. It recorded a decline of -1.62% in Q4 of 2018.

Non-oil sector lifts the Nigerian economy in 2018

NBS says activities in the Information and communication, Transportation & Storage, Arts & Entertainment, Agriculture and Manufacturing lift the economy by 2.0% in 2018 far better than 0.47% recorded in 2017.

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 2018.

Nigeria's economy to 2.3% in 2019

Meanwhile, African Development Bank (AfDB) has projected Nigeria's economy to grow by 2.3% in 2019 and 2.4% in 2020.

The AfDB harped this development on the implementation of the Economic Recovery and Growth Plan by President Muhammadu Buhari-led government.

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