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Nigeria’s GDP grows by 1.95% in Q1

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Nigeria's GDP grows by 1.95% in Q1

Nigeria’s real Gross Domestic Product (GDP) grew by 1.95% Year-on-Year (YoY) in the first quarter of 2018, indicating a stronger growth from a year earlier, the National Bureau of Statistics (NBS) Monday said in its Q1 2018 Nigerian GDP report.

The Nigerian GDP rose from -0.91% recorded in Q1 2017 by 2.87% points to 1.95% in Q1 2018.

Compared to the preceeding quarter, the economy slowed by -0.16% points from 2.11% growth recorded in the Q4 2017.

According to the report, aggregate GDP in Q1 2018 stood at N28,464,322.01 million in nominal terms, representing +9.36% YoY nominal growth rate compared to N26,028,356.03 recorded in the same period in 2017.

In the period under review, the country recorded average daily oil production of 2.0 million barrels per day up from an average of 1.95 million barrels per day recorded in the preceding quarter.

The Oil sector grew by 14.77% YoY in Q1 2018 by 30.37% points as against the rate recorded in the corresponding quarter of 2017. The sector also grew on a Quarter-on-Quarter (QoQ) basis by 13.24% in Q1 2018.

Also the Non-Oil sector grew by 0.76% YoY in the refrence quarter as against 0.70% growth rate recorded in Q1 2017.

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“This sector was driven by Agriculture (crop production): other drivers were Financial institutions and insurance, Manucfacturing, Transportation and Storage and Information and Communication,” the report read.

The Bureau said in real terms, the Oil sector contributed 9.61% to the total GDP of the nation in Q1 2018, up from 8.53% and 7.35% recorded in the Q1 2017 and Q4 2017, respectively, while the Non-Oil sector contributed 90.39% to the nation’s GDP, down from 91.47% and 92.65% recorded in the first quarter of 2017 and fourth quarter of 2017, respectively.

However, the Agriculture sector’s contribution to the total GDP fell to 21.65% in the period under review from 26.13% rate recorded in the preceding quarter but grew from 21.43% in the same period in 2017.

The sector grew by 3.00% YoY in the first quarter of 2018 in real terms and dropped 0.38% points and 1.23% points from the corresponding period of 2017 and the preceeding quarter, respectively.

Postive growths were also recorded in sectors like Mining and Quarrying (14.85% YoY); Manufacturing (3.39% YoY); Electricity, Gas, Steam and Air Conditioning Supply (4.93% YoY); Accommodation and Food Services (0.29% YoY); Transportation and Storage (14.95%); Information and Communication (1.58% YoY); Arts, Entertainment and Recreation (0.30% YoY); Finance and Insurance (13.82% YoY); Education (0.45% YoY) and Other Services (2.24% YoY).

On the other hand, sectors like Public Administration (-1.72% YoY); Real Estate Services (-9.40% YoY); Trade (2.12% YoY); Construction (1.54% YoY) and others recorded negative growth in the period.

By Oluwasegun Olakoyenikan…

 

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