Nigeria economy sustains growth as GDP recorded 2.01% rate in 1st quarter 2019

Nigeria’s Gross Domestic Product (GDP) grew by 2.01%(year-on-year), in real terms, in the first quarter of 2019 the National Bureau of Statistics has reported. According to the Bureau the growth when compared to the first quarter of 2018, recorded real GDP growth rate of 1.89 per cent. The growth level it said in Q1 2019 represented an increase of 0.12 per cent points. However, relative to the preceding quarter (fourth quarter of 2018), real GDP growth rate declined by -0.38 per cent. points.

According to the report “It is worth noting that general elections were held across the country during the first quarter of 2019 and this may have reflected in the strongest first quarter performance observed since 2015. 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 per cent. The aggregate was, however, lower than in the preceding quarter of N35,230,607.63 million, by -9.75 per cent. The nominal GDP growth rate in Q1 2019 was higher than the rate recorded in Q1 2018 by 2.54 per cent  points. For further analysis, the Nigerian economy can be classified broadly into the oil and non-oil sectors”.

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