Nigeria’s Gross Domestic Product (GDP) has grown by 2.01% in the first quarter of 2019, showing a decline of -0.38% points relative to the preceding fourth quarter of 2018.
According to figures released by the National Bureau of Statistics (NBS), the current figure however is an increase of 0.12% compared to the first quarter of 2018, when the economy returned a growth rate of 1.89%.
The slow growth in the first quarter was attributed to a contraction in oil sector.
In the oil sector, -2.40% growth was recorded in first quarter of 2019. This indicated a decrease by -16.43% points relative to the rate recorded in the corresponding quarter of 2018.
“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%.
“The aggregate was, however, lower than in the preceding quarter of N35,230,607.63 million, by -9.75%. The nominal GDP growth rate in Q1 2019 was higher than the rate recorded in Q1 2018 by 2.54% points,” the report read.
The oil sector contributed 9.14% to total real GDP in Q1 2019, down from figures recorded in the corresponding period of 2018 but up compared to the preceding quarter, where it contributed 9.55% and 7.06% respectively.
The non-oil sector contributed 90.86% to the nation’s GDP, higher than recorded in the first quarter of 2018 (90.45%) but lower than the fourth quarter of 2018 (92.94%).
In Q1 2019, the non-oil sector was driven mainly by information and communication technology followed by agriculture, transportation and storage, trade and construction.