Nigerian Gross Domestic Product Report (Q1 2018 )

Nigerian Gross Domestic Product Report  (Q1 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. 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%. (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%. To give a clearer depiction, the Nigerian economy has been classified broadly into the oil and non-oil sectors.

Data source: National Bureau of Statistics