Despite drop in oil production, Nigeria’s GDP grows by 1.93% - Report

Despite drop in oil production, Nigeria’s GDP grows by 1.93% - Report

- Nigeria's Gross Domestic Product (GDP) grows by 1.93% despite drops in oil production

- The figure confirms 1.6 percentage points less than the 3.0 percent that was projected by the federal government

- The oil sector growth dropped as it stood at 1.14% as against 4.69% recorded in 2017

Despite drops in oil production in Nigeria, the country’s Gross Domestic Product (GDP) reportedly recorded a positive growth of 1.93% in 2018 as data made available by the National Bureau of Statistics (NBS) have shown.

It was learnt that the data released on Tuesday, February 12, showed that the fourth quarter GDP grew by 2.38% as against the 1.81 percent recorded in the third quarter.

According to the report, the figure confirms 1.6% points less than the 3.0 percent that was projected by the federal government in the 2019-2021 medium-term expenditure framework and fiscal strategy paper (MTEF).

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“The non-oil sector grew by 2.70 percent in real terms during the fourth quarter of 2018. This is 1.25 percent points higher than the growth rate recorded in Q4 2017, and 0.38 percent points higher than the growth rate recorded in Q3 2018.

“The oil sector recorded a real GDP growth rate of –1.62 percent (year-on-year) in Q4 2018, indicating a decline of –12.81 percent points relative to the growth rate recorded in the corresponding quarter of 2017. However, when compared to Q3 2018, growth increased by 1.29 percent points.

“On an annual basis, real GDP growth for the oil sector stood at 1.14 percent as against 4.69 percent 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," the report said.

The report stated that the record meets the projection of the World Bank group and International Monetary Fund that the economy will grow by 1.9% in 2018.

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The report said the two institutions had cut the country’s growth projections to 1.9% from 2.1 percent.

Legit.ng earlier reported that analysts at Citigroup Nigeria’s stock market may rally if President Muhammadu Buhari loses the election of February 16.

The report posted on Bloomberg noted that the nation's stock market will recover, ending a run that’s seen it fall more than any other in the world in dollar terms since Buhari came to office in May 2015.

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