Nigeria’s GDP grows 2.38% in Q4 2018 ― NBS
NIGERIA’S Gross Domestic Product (PDP) grew by 2.38% in the fourth quarter of 2018, National Bureau of Statistics (NBS) reported on Tuesday.
In the GDP report from 1.81 per cent in the third quarter of 2018.
The growth compared with the fourth quarter of 2017 represents an increase of 0.27 per cent.
The country ended the year 2018 with an annual growth rate of 1.93 per cent. from 0.82 per cent in 2017 and -1.58 per cent in 2016.
The contribution of the non-oil sector was an increase compared to the 92.65 per cent seen in Q4 2017.
According to NBS, the non-oil sector grew by 2.70 per cent in real terms during the fourth quarter of 2018 while it witnessed an annual growth rate of 2.00 per cent a boost from 0.47 per cent seen in 2017.
The oil sector of the economy experienced a real GDP growth rate of -1.62 per cent in Q4 of 2018.
Nigeria’s average daily oil production in Q4 2018 dropped to 1.91 million barrels per day (mbpd) from 1.94mbpd in Q3 2018 and 1.95 mbpd in Q4 2017.
The Oil sector contributed 7.06 per cent to real GDP in Q4 2018 while the non-oil sector, the real driver of the growth, contributed 92.94% to real GDP in the fourth quarter of 2018.