The fourth quarter 2019 growth rate represents the highest quarterly growth performance since the 2016 recession. Overall, this resulted in annual 2019 real growth rate of 2.27%, compared to 1.91% the country recorded in 2018.

In the period under review, Nigeria's aggregate GDP stood at N39,577,340.04 million in nominal terms. This was higher than the fourth quarter of 2018 which recorded an aggregate of N35,230,607.63 million, representing year on year nominal growth rate of 12.34%.

The 2019 real growth rate surpassed the prediction of the International Monetary Fund (IMF).

Recall that in April 2019, the IMF effected an upward review of Nigeria’s economic growth rate projection to 2.1%, a second review by the Bretton Woods institution on the forecast.

Earlier in January last year, the fund had reviewed the statistics downwards to 2.0% from initial figure of 2.3%, referencing challenges in international oil prices.