The nation’s gross domestic
product (GDP) grew by 1.93% in 2018, data made available by the National Bureau
of Statistics has shown.
According to the report, which
was released by the bureau on Tuesday, the fourth quarter GDP grew by 2.38% as
against the 1.81% recorded in the third quarter.
The figure is 1.6 percentage
points less than the 3.0% projected by the federal government in the 2019-2021
medium-term expenditure framework and fiscal strategy paper (MTEF).
However, the figure aligns with
the projection of the World Bank Group and International Monetary Fund, which
had projected that the economy will grow by 1.9% in 2018.
Both Bretton Wood institutions
had cut Nigeria’s growth projections to 1.9% from 2.1%; with the World Bank
blaming the herder-farmer crisis.
The non-oil sector recorded an
annual growth rate of 2%, higher than the 0.47% recorded in 2017.
“The non-oil sector grew by 2.70%
in real terms during the fourth quarter of 2018. This is 1.25% points higher
than the growth rate recorded in Q4 2017, and 0.38% points higher than the
growth rate recorded in Q3 2018,” the report read.
“The oil sector recorded a real
GDP growth rate of –1.62% (year-on-year) in Q4 2018, indicating a decline of
–12.81% points relative to the growth rate recorded in the corresponding
quarter of 2017. However, when compared to Q3 2018, growth increased by 1.29%
points.
“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,
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.”
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