Nigeria’s GDP grows by 1.5% in Q2- NBS

The National Bureau of Statistics (NBS), said Nigeria’s Gross Domestic Product (GDP) grew by 1.50 per cent year-on-year in real terms to N16.58 trillion in the second quarter.

The NBS disclosed this in its “Nigeria Gross Domestic Product (Q2 2018)’’ report released on Monday in Abuja.
The report stated that the growth in the period under review was 0.79 per cent points higher compared to the second quarter of 2017 which recorded a growth of 0.72per cent.

It, however, said it was about –0.45 per cent points lower than 1.95per cent recorded in the
first quarter of 2018.
It said the real GDP growth on a quarter –on- quarter basis was 2.94 per cent while the aggregate GDP stood at N30.69 trillion in nominal terms in the period under review.

NBS said this represented a 7.85 per cent increase in nominal GDP compared to the preceding quarter (N28.46 trillion) and 13.57per cent increase when compared to the corresponding quarter of 2017 (N27.03 trillion).

The bureau said the growth in the second quarter was driven by developments in the non-oil sector as Services sector recorded its strongest positive growth since 2016.
“However, the relatively slower growth when compared to the first quarter and second quarter of 2017 could be attributed to developments in both the oil and non-oil sectors,” it said.