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NBS: Nigeria’s GDP grows by 2.01% in Q1 2019

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NBS: Nigeria’s GDP grows by 2.01% in Q1 2019

Nigeria’s Gross Domestic Product (GDP) grew by 2.01 per cent at the end of first quarter of 2019, according to a report released yesterday by the National Bureau of Statistics (NBS). The NBS, in its “Nigeria GDP Report for First Quarter 2019’’, said the figure is 0.12 per cent higher than the growth rate of 1.89 per cent recorded in the first quarter of 2018. However, when the figure is compared with fourth quarter of 2018, real GDP growth rate declined by -0.38% points. Aggregate GDP stood at N31,794,085.85 million in nominal terms.

“This aggregate was higher than in the first quarter of 2018, which recorded N28,438,604.23 million, representing a yearon- year nominal growth rate of 11.80%. “The aggregate was, however, lower than in the preceding quarter of N35,230,607.63 million, by -9.75%. The nominal GDP growth rate in Q1 2019 was higher than the rate recorded in Q1 2018 by 2.54% points,” the report stated. The agency said in the first quarter of 2019, average daily oil production stood at 1.96 million barrels per day (mbpd), lower than the average daily production of 1.98mbpd recorded in the same quarter of 2018 by -0.02mbpd, but higher than the fourth quarter 2018 production volume by 0.05mbpd.

The level of oil output during the quarter was the highest recorded over the past one year and the second highest since mid-2017. Real GDP growth in the oil sector was -2.40% (year-on-year) in Q1 2019 indicating a decrease by -16.43% points relative to the rate recorded in the corresponding quarter of 2018. Growth decreased by -0.79% points when compared to Q4 2018 which was -1.62%. Quarter-on-quarter, the oil sector recorded a growth rate of 11.60% in Q1 2019. The oil sector contributed 9.14% to total real GDP in Q1 2019, down from figures recorded in the corresponding period of 2018, but up compared to the preceding quarter, where it contributed 9.55% and 7.06% respectively. The bureau noted that non-oil sector grew by 2.47% in real terms during the reference quarter. “This was 1.72% points higher compared to the rate recorded in the same quarter of 2018 but -0.23% points lower than the fourth quarter of 2018. “During the quarter, the sector was driven mainly by information and communication technology. Other drivers were Agriculture, Transportation and Storage, Trade and Construction. In real terms, the non-oil sector contributed 90.86% to the nation’s GDP, higher than recorded in the first quarter of 2018 (90.45%) but lower than the fourth quarter of 2018 (92.94%).”

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