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Published On: Tue, May 22nd, 2018

Nigeria’s economy grows by 1.95 percent – NBS

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By Etuka Sunday Abuja

Data from the National Bureau of Statistics (NBS) yesterday showed that Nigeria’s Gross Domestic Product (GDP) grew by 1.95 percent year-on-year in the first quarter of 2018.
NBS in its GDP report said, “This shows a stronger growth when compared with the first quarter of 2017 which recorded a growth of -0.91 percent, indicating an increase of 2.87 percent points.”
Recall that Nigeria’s Minister of Finance, Mrs. Kemi Adeosun and the Governor of Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, at a joint press briefing at the end of the 2018 International Monetary Fund and World Bank Spring Meeting in Washington DC, United States of America, affirmed that the country’s positive growth outlook would be sustained.
The Minister and the CBN Governor, while expressing optimism on the Federal Government’s sustenance of the growth trajectory, called for vigilance and focus for the country not to fall back into recession.
Adeosun said, “We are confident that if we diligently implement our economic plan, we will grow the economy. We have room to grow but other countries do not have rooms to grow.
“By 2019, the growth will be far more robust than the present level in 2018. We are, therefore, very optimistic in sustaining Nigeria’s economic growth. We are going to use this opportunity to grow our fiscal buffers, particularly aggressively growing our revenue base.
“This Administration has succeeded in building macroeconomic resilience for Nigeria, particularly revising the funding mix, rebuilding fiscal buffers, enhancing foreign exchange reserves and focusing on import substitution strategies.”
Meanwhile, NBS said, compared to the preceding quarter, there was a decline of -0.16 percentage points from 2.11 percent.
“Quarter on quarter, real GDP growth was -13.40 percent,” the bureau said, adding that the oil production estimates for the third and fourth quarters of 2017 had been revised and oil GDP for those quarters had been adjusted accordingly.
The Bureau said, “Still on the first quarter of 2018, aggregate GDP stood at N28,464,322.01m in nominal terms. This performance is higher when compared to the first quarter of 2017, which recorded a nominal GDP aggregate of N26,028,356.03m, thus presenting a positive year-on-year nominal growth rate of 9.36 percent.
“This rate of growth is, however, lower relative to growth recorded in Q1 2017 by -7.70 per cent points at 17.06 percent, but higher than the proceeding quarter by 2.14 per cent points at 7.22 per cent. To give a clearer depiction, the Nigerian economy has been classified broadly into the oil and non-oil sectors.”
The Bureau said, “Agric grew 3.0% (4.23% Q4 2017, 3.39% Q1 2017); Industry by 6.86% (4.87% Q4 2017, -5.83% Q1 2017); Services by -0.47% (0.10% Q4 2017,-0.37% Q1 2017).”

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