Nigeria’s GDP grows by 2.38% in Q4 2018

Nigeria’s Gross Domestic Product grew by 2.38% in the last quarter of 2018 from 1.81% in the third quarter of 2018, the country’s statistics office said in a report on Tuesday.

The growth compared with the fourth quarter of 2017 represents an increase of 0.27%.

The country ended the year 2018 with an annual growth rate of 1.93% from 0.82% in 2017 and -1.58% in 2016.

The oil sector of the economy experienced a real GDP growth rate of -1.62% in Q4 of 2018. Nigeria’s average daily oil production in Q4 2018 dropped to 1.91 million barrels per day (mbpd) from 1.94mbpd in Q3 2018 and 1.95 mbpd in Q4 2017.

The Oil sector contributed 7.06% to real GDP in Q4 2018 while the non-oil sector, the real driver of the growth, contributed 92.94% to real GDP in the fourth quarter of 2018. The contribution of the non-oil sector was an increase compared to the 92.65% seen in Q4 2017.

According to NBS, the non-oil sector grew by 2.70% in real terms during the fourth quarter of 2018 while it witnessed an annual growth rate of 2.00% a boost from 0.47% seen in 2017.