Data from the National Bureau of Statistics (NBS) report for the 4th quarter of 2018 and full year respectively, shows Nigeria’s GDP grew by 2.38% in the fourth quarter of 2018 as against 1.81% recorded in the preceding quarter.
Here are key points from the report
- The country’s GDP grew by 1.93% for the 12 months ended December 2018, as against 0.82% in 2017
- On an annual basis, real GDP growth for the oil sector stood at 1.14% as against 4.69% recorded in 2017.
- In the fourth quarter of 2018, the average daily oil production stood at 1.91 million barrels per day (mbpd). This was lower than the 1.95 mbpd recorded in the same quarter of 2017, and 1.94mbpd 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.
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I would have expected Nairametrics to delve more into specifics about this YOY growth of our GDP. Everyone keeps saying Buhari’s policies aren’t working but the country didn’t just exit recession but there has been a growth trajectory now for the economy. Or am i missing something here or is Nairametrics also biased?
Hello Mr Awojobi.
Thanks for commenting.
No, Nairametrics is not biased. There is no reason to be.
Do not worry; an indebt analysis on this matter will soon come your way.
The author just needed to first break the story because that is necessary too.
Thank you for understanding.