Growth in Nigeria’s non-oil sector drags GDP up in second quarter of 2018
NIGERIA’S Gross Domestic Product (GDP) grew by 1.50 per cent to N16.58 trillion in the second quarter of 2018 in comparison to the same period in 2017, which was put at 0.72 per cent.
This is according to figures released by the National Bureau of Statistics (NBS) on Monday, which, however, showed that the GDP growth is slower than the 1.95 per cent growth recorded in the first quarter of 2018.
Data for the analysis were obtained from the Quarterly Establishment Survey (QES) conducted by the
In nominal terms, the country’s aggregate GDP stood at N30.69trillion; a 7.85 percentage increase in when compared to the Q1 2018 (N28.46trillion), and a 13.57 per cent increase when compared to the same period in 2017 (N27.03trillion).
The NBS report stated that the growth in the GDP was driven by strong activities in the non-oil sector, which “recorded its strongest positive growth since 2016”.
Within the period in review, the average oil production per day dropped from 2.0 million barrels per day (mbpd) in the first quarter, to 1.84mbpd, even lower than the 1.87mbpd recorded in the same period in 2o17. Consequently, the Oil sector contributed 8.55 per cent to the total real GDP in Q2 2018, down from 9.61 per cent it contributed in the first quarter, and the 9.04 per cent in Q2 2017.
On the other hand, the non-oil sector grew by 2.05 per cent in real terms during the quarter in review, mainly driven by Information and communication services, construction, agriculture, transportation and Storage and other services.
“In real terms, the Non-Oil sector contributed 91.45 per cent to the nation’s GDP, compared to 90.96 per cent recorded in Q2 2017 and 90.39 per cent recorded in the preceding quarter,” the NBS report stated.
The Nigerian economy has been making a gradual but consistent recovery after sliding into a recession in the second quarter of 2016.