Nigeria’s Economy Sustains Growth in Q4

• Nigeria’s Economy Sustains Growth in Q4

Nigeria’s economy grew at a faster pace in the fourth quarter of 2018, according to the Abuja-based National Bureau of Statistics.

The gross domestic product grew by 2.38 percent in the fourth quarter year-on-year. An increase of 0.27 percent points when compared with the fourth quarter of 2017.

On a yearly basis, the economy grew at an annual rate of 1.93 percent in 2018. Better than the 0.83 percent recorded in 2017 and represent an increase of 1.09 percent.

The non-oil sector contributed 92.94 per cent to the real GDP in the quarter and expanded by 2.70 percent. On An annual basis, the sector grew by 2 percent in 2018.

Despite a better oil outlook in 2018, the oil sector contracted by 1.62 percent in the fourth quarter of 2018 and grew at a 1.14 percent annualized rate. Oil production stood at 1.91 million barrels per day in 2018.