BEVERLY HILLS, February 12, (THEWILL) – Nigeria’s gross domestic product (GDP) has grown 2.38 per cent in real terms within the fourth quarter of 2018, showing a 0.27 per cent jump over the fourth quarter of 2017 data made available by the National Bureau of Statistics has shown.
According to the report, which was released by the bureau on Tuesday, the figure is 1.6 percentage points less than the 3.0% projected by the federal government in the 2019-2021 medium-term expenditure framework and fiscal strategy paper (MTEF).
NBS also stated that the GDP grew by 1.93% in 2018 while the Real GDP growth posted 5.31 per cent on a quarter-on-quarter basis, with an annual growth rate of 1.93 per cent printed for the fiscal year of 2018.
While the aggregate nominal GDP was at NGN 35.230bn, a higher 12.65 per cent from NGN 31.275bn recorded in the fourth quarter of 2017.
Nigeria’s nominal GDP for the fiscal year of 2018 was at NGN127.76bn, posting a nominal growth rate of 12.36 per cent above the fiscal year of 2017 level of NGN 113.71bn
The non-oil sector recorded an annual growth rate of 2%, higher than the 0.47% recorded in 2017.
“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 2017, and 0.38% points higher than the growth rate recorded in Q3 2018,” the report read.
“The oil sector recorded a real GDP growth rate of –1.62% (year-on-year) in Q4 2018, indicating a decline of –12.81% points relative to the growth rate recorded in the corresponding quarter of 2017. However, when compared to Q3 2018, 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.
“In the fourth quarter of 2018, average daily oil production stood at 1.91 million barrels per day (mbpd). This was lower than the 1.95 mbpd recorded in the same quarter of 2017, and 1.94mbpd in Q3 2018.”