Updated: Nigeria’s GDP down by -0.38% in Q1 2019

The National Bureau of Statistics has said that Nigeria recorded a Gross Domestic Product (GDP) grew by 2.01 per cent in the first quarter of 2019.

According to the NBS in its Nigerian Gross Domestic Product Report Q1 2019, it is -0.38 per cent lower than the rate recorded in Q4 2018.

The statistics bureau noted that year-on-year compared to the compared to the first quarter of 2018, GDP recorded real growth rate of 1.89 per cent representing an increase of 0.12 percentage points.

It is worth noting that general elections were held across the country during the first quarter of 2019 and this may have reflected in the strongest first quarter performance observed since 2015.

NBS in the report said that real GDP growth in the oil sector shrank by -2.40 per cent (year-on-year) in Q1 2019 indicating a decrease by -16.43 per cent relative to the rate recorded in the corresponding quarter of 2018.

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