The Nigerian Bureau of Statistics (NBS) has released its quarterly report for the last quarter of 2018. According to the NBS Nigeria’s Gross Domestic Product grew by 2.38 percent in real terms (year on year) in the last quarter of 2018.
This growth represents an increase of 0.27 percent when compared to the fourth quarter of 2017 which recorded a growth rate of 2.11 percent. It also indicates a rise of 0.55 percent when compared with the growth rate recorded in the third quarter of 2018.
The fourth quarter growth performance implies that real GDP grew at an annual growth rate of 1.93 percent in 2018, compared to 0.82 percent recorded in 2017, an increase of 1.09 percent.
According to the report, 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 1.94 mbpd in the third quarter of 2018.
The oil sector recorded a real GDP growth rate of –1.62 percent (year-on-year) in the fourth quarter of 2018, indicating a decline of –12.81percent relative to the growth rate recorded in the same quarter of 2017. However, when compared to the third quarter of 2018, growth increased by 1.29 percent. On an annual basis, real GDP growth for the oil sector stood at 1.14 percent as against 4.69 percent recorded in 2017.
The non-oil sector grew by 2.70 percent in real terms during the fourth quarter of 2018. This shows a 1.25 percent increase in the growth rate recorded in fourth quarter of 2017, and 0.38 percent increase in the growth rate recorded in the third quarter of 2018. On an annual basis, the non-oil sector recorded a growth rate of 2.00 percent in 2018, performing considerably better than 0.47 percent as seen in 2017. The major contributors to this sector in the quarter were information and communication, transportation & storage, arts & entertainment, agriculture and manufacturing.
The National Bureau of Statistics (NBS), has been conducting Establishment Surveys to provide data for the estimation of the Gross Domestic Product (GDP) for the country. In 2008, NBS started to improve the GDP series by conducting Quarterly Establishment Surveys (QES) for the four quarters of each year to complement the annual surveys which normally take place in the first and second quarters of the succeeding year.