Nigerian Gross Domestic Product Report (Q2 2018 )
In the second quarter of 2018, Nigeria’s Gross Domestic Product (GDP) grew by 1.50% (year-on-year) in
real terms to N16.58trillion. 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%.
In the quarter under review, aggregate GDP stood at N30.69trillion in nominal terms. This represents a
7.85% increase in nominal GDP when compared to the preceding quarter (N28.46trillion) and 13.57%
increase when compared to the corresponding quarter of 2017 (N27.03trillion). 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.
Data source: National Bureau of Statistics