Nigeria’s real Gross Domestic Product (GDP) grew by 1.95% Year-on-Year (YoY) in the first quarter of 2018, indicating a stronger growth from a year earlier, the National Bureau of Statistics (NBS) Monday said in its Q1 2018 Nigerian GDP report. Nigeria’s Real Gross Domestic Product for Q1 rose by 1.95% in Q1 2018 compared to 2.11% in Q4 2017 and -0.91% in Q1 2017.
Latest report by the Nigeran National Bureau os Statistics revealed that Agric grew 3.0% compared to the 4.23% Q4 2017,and 3.39% Q1 2017). Industry grew by 6.86% when compared with 4.87% Q4 2017and -5.83% Q1 2017 The Services sector grew by -0.47%as against 0.10% Q4 2017 and -0.37% Q1 2017.
According to the report, aggregate GDP in Q1 2018 stood at N28,464,322.01 million in nominal terms, representing +9.36% YoY nominal growth rate compared to N26,028,356.03 recorded in the same period in 2017.
The Bureau said in real terms, the Oil sector contributed 9.61% to the total GDP of the nation in Q1 2018, up from 8.53% and 7.35% recorded in the Q1 2017 and Q4 2017, respectively, while the Non-Oil sector contributed 90.39% to the nation’s GDP, down from 91.47% and 92.65% recorded in the first quarter of 2017 and fourth quarter of 2017, respectively.
However, the Agriculture sector’s contribution to the total GDP fell to 21.65% in the period under review from 26.13% rate recorded in the preceding quarter but grew from 21.43% in the same period in 2017.
The sector grew by 3.00% YoY in the first quarter of 2018 in real terms and dropped 0.38% points and 1.23% points from the corresponding period of 2017 and the preceeding quarter, respectively.
Postive growths were also recorded in sectors like Mining and Quarrying (14.85% YoY); Manufacturing (3.39% YoY); Electricity, Gas, Steam and Air Conditioning Supply (4.93% YoY); Accommodation and Food Services (0.29% YoY); Transportation and Storage (14.95%); Information and Communication (1.58% YoY); Arts, Entertainment and Recreation (0.30% YoY); Finance and Insurance (13.82% YoY); Education (0.45% YoY) and Other Services (2.24% YoY).
On the other hand, sectors like Public Administration (-1.72% YoY); Real Estate Services (-9.40% YoY); Trade (2.12% YoY); Construction (1.54% YoY) and others recorded negative growth in the period.
