Nigeria’s GDP hits 2.01% in Q1 – NBS

Joseph Inokotong, Abuja

Nigeria’s Gross Domestic Product (GDP) has recorded 2.01% in the first quarter of 2019.

The National Bureau of Statistics (NBS), which released the data in Abuja Monday, said the slow growth was recorded in the first quarter after the oil sector contracted.

The NBS explained that “compared to the first quarter of 2018, which recorded real GDP growth rate of 1.89%, the first quarter 2019 growth rate represented an increase of 0.12% points.

“However, relative to the preceding quarter (fourth quarter of 2018), real GDP growth rate declined by -0.38% points.”

According to the NBS, the GDP growth in the oil sector was -2.40% in first quarter of 2019 indicating a decrease by -16.43% points relative to the rate recorded in the corresponding quarter of 2018.

This shows -0.79% points growth decreased when compared to Q4 2018 which was -1.62%.

“In real terms, the Mining and Quarrying sector grew by -2.31% (year-on-year) in the first quarter of 2019. Compared to the first and last quarters of 2018, this represented a decline of -16.41% points and -1.07% points respectively.

“Aggregate GDP stood at N31,794,085.85 million in nominal terms. This aggregate was higher than in the first quarter of 2018 which recorded N28,438,604.23 million, representing a year on year nominal growth rate of 11.80%.

“The aggregate was, however, lower than in the preceding quarter of N35,230,607.63 million, by -9.75%,” said the NBS.

The NBS said the 2019 general elections may have affected the economy’s performance, which it describes as the strongest since 2015.