Nigeria economy expanded by 2.3% in 2018

Nigeria

Africa’s largest economy seems to be leaving its sluggish growth era for a stronger territory.

Data from the National Bureau of Statistics, NBS, said the Nigerian economy which largely depends on oil revenue for its forex reserve grew by 2.38% in real terms (year on-year).

This represents an increase of 0.27% points when compared to the fourth quarter of 2017 which recorded a growth rate of 2.11%. It also indicates a rise of 0.55% points when compared with the growth rate recorded in Q3 2018. On a quarter on quarter basis, real GDP growth was 5.31%.

The fourth quarter growth performance implies that real GDP grew at an annual growth rate of 1.93% in 2018, compared to 0.82% recorded in 2017, an increase of 1.09% points.

During the quarter, aggregate nominal GDP stood at N35,230,607.63 million, which is higher than N31,275,354.08 million recorded in Q4 2017, a nominal growth rate of 12.65%. For 2018, nominal GDP was therefore recorded at N127,762,545.58million representing a nominal growth rate of 12.36% when compared to N113,711,634.61million recorded in 2017.

Nigeria slipped into recession in 2016 after it witnessed double-dip in its gross domestic product in the second quarter of the year due to over 70% crash in global oil prices.

Next week, Nigeria will be having its presidential elections which will see incumbent President Muhammadu Buhari face his close front-runner, Atiku Abubakar in a national election that could lead to maintenance of the status quo or a change in government.