Nigeria’s GDP Grew in Real Terms by 1.95% in Q1 2018
Overview of GDP in Quarter One 2018
Nigeria’s Gross Domestic Product (GDP) grew by 1.95% (year-on-year) in real terms in the first quarter of 2018. This shows a stronger growth when compared with the first quarter of 2017 which recorded a growth of –0.91% indicating an increase of 2.87% points. It is the fourth consecutive quarter of expansion, as the oil sector continued to rise while the non-oil output growth slowed. Compared to the preceding quarter, there was a decline of –0.16% points from 2.11%.  Quarter on quarter, real GDP growth was –13.40%.
The oil sector grew 14.7 percent year-on-year in the first quarter of 2018, accelerating from a 11.2 percent expansion in the prior period. The country produced 2.0 million barrels of crude oil per day, up from 1.75 mbpd in the same period a year earlier. As a result, the oil sector accounted for 9.6 percent of the GDP compared to 8.5 percent a year ago.

The non-oil sector advanced 0.7 percent, after increasing 1.5 percent in the prior period.

 (Please note that oil production estimates for the third and fourth quarters of 2017 have been revised and oil GDP for those quarters have been adjusted accordingly.)
Still on the first quarter of 2018, aggregate GDP stood at N28,464,322.01million in nominal terms. This performance is higher when compared to the first quarter of 2017 which recorded a nominal GDP aggregate of N26,028,356.03 million thus, presenting a positive year on year nominal growth rate of 9.36%. This rate of growth is however lower relative to growth recorded in Q1 2017 by –7.70% points at 17.06% but higher than the proceeding quarter by 2.14% points at 7.22%.
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