Nigeria’s economy grew 1.9 per cent in 2018, the National Bureau of Statistics said on Tuesday, just days from an election in which the pace of growth is a campaign issue.
The NBS said gross domestic product also rose by 2.38 per cent in the fourth quarter of 2018 compared to the same quarter in 2017. Growth accelerated from the 1.81 per cent expansion in the third quarter.
The government had targeted two per cent growth for last year to boost the fragile economy, which only emerged in 2017 from its first recession in over two decades, triggered by low crude prices and militant attacks on energy facilities.
The fourth quarter economic growth measured by the gross domestic product (GDP) represents an increase of 0.27% points when compared to the fourth quarter of 2017 which recorded a growth rate of 2.11%.
It also indicates a rise of 0.55% points when compared with the growth rate recorded in Q3 2018.
Contributing majorly to this growth was the non-oil sector which grew by 2.70% in real terms during the fourth quarter of 2018.
This is 1.25% points higher than the growth rate recorded in Q4 2017, and 0.38% points higher than the growth rate recorded in Q3 2018.
On an annual basis, the non-oil sector recorded a growth rate of 2.00% in 2018, performing considerably better than 0.47% seen in 2017.
The key performing activities during the quarter were information and communication, transportation & storage, arts & entertainment, agriculture and manufacturing.
The non-oil sector contributed 92.94% to real GDP in the fourth quarter of 2018, slightly higher than the 92.65% seen in Q4 2017. For 2018, annual contribution was recorded at 91.40% against 91.33% in year 2017.
On the other hand, the oil sector recorded a real GDP growth rate of –1.62% (year-on-year) in Q4 2018, indicating a decline of –12.81% points relative to the growth rate recorded in the corresponding quarter of 2017.
However, when compared to Q3 2018, growth increased by 1.29% points. On an annual basis, real GDP growth for the oil sector stood at 1.14% as against 4.69% recorded in 2017.
The oil sector contributed 7.06% to real GDP in Q4 2018, down from figures recorded in the corresponding period of 2017 and the preceding quarter, where it contributed 7.35% and 9.38% respectively.
For 2018, the contribution of the oil sector to aggregate real GDP was 8.60%, slightly lower when compared with 8.67% in 2017.
Key performing activities on an annual basis according to the report include transport, information & communication, electricity, water, as well as arts & entertainment.
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Frontpage August 28, 2017