Latest data from Nigeria’s official statistics office says the country’s gross domestic data falls to 1.50% in the second quarter of the year.
The data from the NBS shows that growth in the second quarter of 2018 was –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).
The agency noted that “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.”