Nigeria's GDP Expands By 1.50 Percent In Half Year 2018

Minister of Finance Kemi Adeosun

Minister of Finance Kemi Adeosun

The NBS explained the growth in the second quarter of this year was driven by developments in the non-oil sector as the Services sector recorded its strongest positive growth since 2016.

The Minister stated this in a reaction to the latest GDP figures sent to newsmen by his spokesperson, Akpandem James.

The Non-Oil sector in real terms contributed 91.45% to the nation's GDP, a 0.06% from the previous quarter which was 90.39%.

They included transportation (road, rail water and air), which grew by 21.76 per cent, followed by construction (7.66 per cent) and electricity (7.59 per cent).

The report indicated that the oil GDP contracted by -3.95 percent from 14.77 percent in Q1 2018, while non-oil GDP grew by 2.05 percent in Q2 2018 from 0.76 percent in Q1 2018.

"Manufacturing sector compared to the first quarter had a major contraction in terms of growth rate", he said.

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An interesting analysis from the Q2, 2018 GDP report is that the Information and Communication Technology alongside the Construction sectors, emerged the key performers for the quarter in review.

This he noted was evidence that the implementation of the targeted policies and programs of the Economic Recovery and Growth Plan (ERGP) is yielding positive results.

"For instance, average crude oil production was only 1.84 million barrels per day in Q2 2018 as opposed to an average production of 2 million barrels per day in Q1 2018", he noted. He is optimistic that once these issues are addressed we should be able to, once more, achieve positive growth in the oil and gas sector.

"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", the statistical office said.

He blamed the situation partly on security challenges mainly in the North-east and North-central zones.

"These security challenge affected activities of farmers with impact on commodity output", he said.

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"Indeed, we are now undertaking a mid-term review of the Plan to assess progress, see where we are, and identify those things that we may need to tweak in the implementation of the ERGP", he said.

This is second consecutive negative Trade GDP growth rate throwing the sector into a double dip recession.

The 2.05 per cent growth rate is higher than the 0.76 per cent growth which the sector recorded in the first quarter of 2018.

According to NBS, the total value of capital importation into Nigeria stood at $5.5 billion in the second quarter of 2018, representing a 207.62% increase compared to the second quarter of 2017.

Non-oil GDP growth was -0.18 per cent in the first quarter of 2016, -0.38 per cent in the second quarter of 2016, 0.03 per cent in the third quarter 2016 and -0.33 per cent in the fourth quarter 2016.

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