Nigeria’s Gross Domestic Product (GDP) grew by 2.55%(year-on-year) in real terms in the fourth quarter of 2019, according to a recently released report by the National Bureau of Statistics (NBS). The report surpassed the International Monetary Fund (IMF) projection of 2.1%.
According to NBS, the overall GDP in 2019 indicated a real growth of 2.27%, compared to 1.91% in 2018 while the real GDP grew by 5.59% quarter on quarter.
“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 report indicated that the growth represents the highest since the 2016 recession.
“In Q4 2019, aggregate GDP stood at N39,577,340.04 million in nominal terms. This was higher than the fourth quarter of 2018 which recorded an aggregate of N35,230,607.63 million, representing year on year nominal growth rate of 12.34%.” – Oil Sector – “During the fourth quarter of 2019, average daily oil production of 2.00 million barrels per day (mbpd) was recorded, indicating a rise of 0.09mbpd over the daily average production of 1.91 mbpd recorded in the same quarter of 2018.
“However, it was –0.04mbpd lower than the production volume of 2.04mbpd recorded in the third quarter of 2019. Nevertheless, it is notable that oil production remained consistently at or above 2.0mbpd all through 2019 “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.”
– Non-oil Sector –
“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. This sector was driven, during the fourth quarter of 2019, mainly by Information and Communication (Telecommunications), Agriculture (Crop Production), Financial and Insurance Services (Financial Institutions), and Manufacturing.
In real terms, the Non-Oil sector contributed 92.68% to the nation’s GDP in the fourth quarter of 2019, lower from shares recorded in the fourth quarter of 2018 (92.94%) but higher than the third quarter of 2019 (90.23%). The annual contribution of the non-Oil sector stood at 91.22% in 2019.”