SAN FRANCISCO, August 28, (THEWILL) – Nigeria’s Gross Domestic Product (GDP) has grown by 1.50% in the second quarter, slower than the 1.95% growth in the first quarter of 2018.
According to the GDP report released by the National Bureau of Statistics (NBS), the second quarter GDP was driven by the non-oil sector 2.05% growth which indicates an increase in the second quarter of 2018.
According to NBS, this represents 1.60% points increase compared to the rate recorded for the same quarter in 2017, and 1.29% points over the first quarter of 2018.
“In the second quarter of 2018, Nigeria’s Gross Domestic Product (GDP) grew by 1.50% (year-on-year) in real terms to N16.58trillion.
“Growth in Q2 2018 was 0.79% points higher when compared to the second quarter of 2017 which recorded a growth of 0.72%, but –0.45% points slower than 1.95% recorded in the first quarter of 2018.
“On a quarter on quarter basis, real GDP growth was 2.94%,” the NBS report read in part.
The transportation sector led non-oil GDP Growth with 21.76% while the Agriculture GDP fell 1.3% lower 3% in the first quarter of 2018.
The NBS said the growth in the second quarter of 2018 is driven by developments in the non-oil sector as the services sector recorded its strongest positive growth since 2016.
However, the relatively slower growth when compared to the first quarter of 2018 and second 2017 could be attributed to developments in both the oil and non-oil sectors.
In the second quarter, aggregate GDP stood at N30.69 trillion in nominal terms.
“For better clarity, the Nigerian economy can be classified broadly into the oil and non-oil sectors,” the report said.
It stated that average daily oil production was recorded at 1.84million barrels per day lower than the daily average production of 1.87mbpd recorded in the same quarter of 2017 by – 0.03mbpd and also lower than the production volume of 2.0mbpd seen in the first quarter of 2018.
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