Nigeria’s GDP records quantum leap, beats IMF’s 2.1% projection

By Shola Abayomi.

A report by the National Bureau of Statistics (NBS) has shown that Nigeria’s Gross Domestic Product (GDP) grew by 2.55% in 2019.

According to the NBS report which was released on Monday, the feat was achieved in the fourth quarter of 2019 and represents the highest quarterly growth performance since the 2016 recession.

It also disclosed that the oil sector witnessed significant growth within the period under review, unlike what was obtainable in 2018.

The report read: “Nigeria’s Gross Domestic Product (GDP) grew by 2.55% (year-on-year) in real terms in the fourth quarter of 2019.

“Compared to the fourth quarter of 2018 which recorded a growth rate of 2.38%, this represents an increase of 0.17% points and an increase of 0.27% points when compared with the third quarter of 2019.

“The strong fourth quarter 2019 growth rate also represented the highest quarterly growth performance since the 2016 recession.”

It added, “Real growth of the oil sector was 6.36% (year-on-year) in Q4 2019 indicating an increase of 7.98% points relative to the rate recorded in the corresponding quarter of 2018. Growth decreased by –0.13% points when compared to Q3 2019 which was 6.49%.

“The oil sector contributed 7.32% to total real GDP in Q4 2019, up from figures recorded in the corresponding period of 2018 but down compared to the preceding quarter, where it contributed 7.06% and 9.77% respectively. Oil contributed 8.78% to real GDP in 2019.

“The non-oil sector grew by 2.26% in real terms during the reference quarter (Q4 2019). This was lower by –0.44% points compared to the rate recorded in the same quarter of 2018 but 0.42% point higher than the third quarter of 2019.

“The agricultural sector grew by 2.31% in the fourth quarter, a decrease by –0.14 percentage points from the corresponding period of 2018, but an increase of 0.03 percentage points from the third quarter of 2019.”

The International Monetary Fund (IMF) had earlier projected that Nigeria’s economy would grow by 2.1% in 2019.

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