The nation’s Gross Domestic Product (GDP) grew in the first quarter of 2018 by 1.95 percent in real terms, the National Bureau of Statistics, NBS, said on Monday.
Nigeria’s Gross Domestic Product (GDP) grew by 1.95% (year-on-year) in real terms in the first quarter of 2018. This shows a stronger growth when compared with the first quarter of 2017 which recorded a growth of -0.91% indicating an increase of 2.87% points.
Compared to the preceding quarter, there was a decline of -0.16% points from 2.11%. Quarter on quarter, real GDP growth was -13.40%.
(Please note that oil production estimates for the third and fourth quarters of 2017 have been revised and oil GDP for those quarters have been adjusted accordingly.)
Still, on the first quarter of 2018, aggregate GDP stood at N28,464,322.01million in nominal terms. This performance is higher when compared to the first quarter of 2017 which recorded a nominal GDP aggregate of N26,028,356.03 million thus, presenting a positive year on year nominal growth rate of 9.36%.
The report noted that the rate of growth is, however, lower relative to growth recorded in Q1 2017 by -7.70% points at 17.06% but higher than the proceeding quarter by 2.14% points at 7.22%. To give a clearer depiction, the Nigerian economy has been classified broadly into the oil and non-oil sectors.
The Oil Sector
In the period under review, the nation recorded an average daily oil production of 2.0 million barrels per day (mbpd), higher than the daily average production recorded in the fourth quarter of 2017 by 0.05 mbpd and 0.25 mbpd higher than 2017 first quarter production which recorded an output of 1.75mbpd.
Real growth of the oil sector was 14.77% (year-on-year) in Q1 2018. This represents an increase of 30.37% points relative to rate recorded in the corresponding quarter of 2017. Quarter-on-Quarter, the oil sector grew by 13.24% in Q1 2018. The Oil sector contributed 9.61% to total real GDP in Q1 2018, up from 8.53% and 7.35% recorded in the Q1 2017 and Q4 2017, respectively.
The Non-Oil Sector
The non-oil sector grew by 0.76% in real terms during the reference quarter. This is higher by 0.04% point compared to the rate recorded same quarter of 2017 and 0.70% point lower than the fourth quarter of 2017. This sector was driven mainly by Agriculture (Crop production); other drivers were Financial institutions and insurance, Manufacturing, Transportation and Storage and Information and Communication. In real terms, the Non-Oil sector contributed 90.39% to the nation’s GDP, lower than 91.47% recorded in the first quarter of 2017 and 92.65% recorded in the fourth quarter of 2017.
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