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.