The rate at which gross domestic product grew in the first quarter of 2018 slowed from 2.1 percent points in the fourth quarter of 2017 to 1.95 percent points in 2018.
According to the Gross Domestic Product report released by the National Bureau of Statistics on Monday, this decline is despite an increase in oil production.
“Nigeria’s gross domestic product (GDP) grew by 1.95 percent (year-on-year) in real terms in the first quarter of 2018. Compared to the preceding quarter, there was a decline of -0.16 percent points from 2.11 percent. Quarter on quarter, real GDP growth was -13.40 percent,” the report read.
Compared to the first quarter of 2017 when the economy was in a recession, there was a growth of 2.87 percent points.
The economy had slipped into its worst recession in 29 years after GDP recorded a negative movement.
Oil production increased by 500,000 barrels per day to stand at two million barrels per day (mbpd) as against the 1.95 mbpd recorded in the fourth quarter of 2017.
“Quarter-on-Quarter, the oil sector grew by 13.24 percent in Q1 2018. The oil sector contributed 9.61 percent to total real GDP in Q1 2018, up from 8.53 percent and 7.35 percent recorded in the Q1 2017 and Q4 2017, respectively.
“In real terms, the non-oil sector contributed 90.39 percent to the nation’s GDP, lower than 91.47 percent recorded in the first quarter of 2017 and 92.65 percent recorded in the fourth quarter of 2017.”
Activities in the non-oil sector were driven by agriculture, financial institutions and insurance, manufacturing, transportation and storage, information and communication.