Ebun Francis|
The National Bureau of Statistics (NBS) on Monday said that Nigeria’s Gross Domestic Product grew by 1.95 per cent year-on-year in real terms in the first three months of this year.
The report showed aggregate GDP at about N28.5 trillion in nominal terms, a higher performance when compared with about N26.03 trillion recorded in the first quarter of 2018.
According to the report, GDP stands at about N16.11 trillion, with non-oil sector GDP accounting for about 90.4 per cent of the entire economy, against about 92.65 per cent in the corresponding period in 2017.
Oil GDP, which stands at about 9.61 per cent for the quarter, was adjusted to reflect the revision in oil production estimates for the third and fourth quarters of 2017.
Further details from the report showed that during the period under review, average daily oil production stood at about two million barrels per day (mbpd), which was higher than the daily average production recorded in the fourth quarter of 2017 by 50,000 bpd.
Oil sector real growth was about 14.77 per cent in the first quarter of 2018, about 30.4 per cent points increase relative to rate recorded in the corresponding quarter of 2017.
The sector grew by 13.24 per cent in first quarter of 2018, contributing about 9.61 per cent to the overall real GDP, up from 8.53 per cent and 7.35 per cent in the first and fourth quarters of 2017, respectively.
In the non-oil sector, real growth was by 0.76 per cent during the quarter, higher by 0.04 per cent points, compared to the rate recorded same quarter of 2017 and 0.70 per cent point lower than the fourth quarter of 2017.
The NBS said the growth in the non-oil sector was driven mainly by agriculture (crop production), operations of the financial institutions and insurance, manufacturing, transportation and storage, and Information and Communication.