Agriculture, trade and other three sectors made significant contribution to Nigeria’s Q2 2018 dipped GDP

Credit: NBS, Infoprations Analysis 2018

In its latest report on the country’s Gross Domestic Product released few hours ago, the National Bureau of Statistics in Nigeria notes that “In the second quarter of 2018, Nigeria’s Gross Domestic Product (GDP) grew by 1.50% (year-on-year) in real terms to N16.58 trillion. Growth in Q2 2018 was 0.79% points higher when compared to the second quarter of 2017 which recorded a growth of 0.72%, but –0.45% points slower than 1.95% recorded in the first quarter of 2018. On a quarter on quarter basis, real GDP growth was 2.94%.

“During the quarter under, aggregate GDP stood at N30.69 trillion in nominal terms. This represents a 7.85% increase in nominal GDP when compared to the preceding quarter (N28.46 trillion) and 13.57% increase when compared to the corresponding quarter of 2017 (N27.03 trillion). For better clarity, the Nigerian economy can be classified broadly into the oil and non-oil sectors.

Broadly speaking, growth in Q2 2018 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 Q1 2018 and Q2 2017 could be attributed to developments in both the oil and non-oil sectors.”