The Nigerian Bureau of Statistics (NBS)
has reported that for the first time since Nigeria’s exit from
recession, the Gross Domestic Product (GDP) has recorded growth.
has reported that for the first time since Nigeria’s exit from
recession, the Gross Domestic Product (GDP) has recorded growth.
Driven by the non-oil sector, GDP which
grew by 2.05 per cent in the second quarters of 2018 represented the
strongest growth in non-oil GDP since fourth quarter of 2015.
grew by 2.05 per cent in the second quarters of 2018 represented the
strongest growth in non-oil GDP since fourth quarter of 2015.
“Non-oil GDP growth was -0.18% in Q1
2016, -0.38% in Q2 2016, 0.03% in Q3 2016, -0.33% in Q4 2016, 0.72% in
Q1 2017, 0.45% in Q2 2017, -0.76% in Q3 2017, 1.45% in Q4 2017and 0.76%
Q1 2018.
2016, -0.38% in Q2 2016, 0.03% in Q3 2016, -0.33% in Q4 2016, 0.72% in
Q1 2017, 0.45% in Q2 2017, -0.76% in Q3 2017, 1.45% in Q4 2017and 0.76%
Q1 2018.
“GDP grew strongly in Q2 2018 by 2.05%.
Non-oil growth was driven by transportation which grew by 21.76%
supported by growth in construction which grew by 7.66% and electricity
which grew by 7.59%.
Non-oil growth was driven by transportation which grew by 21.76%
supported by growth in construction which grew by 7.66% and electricity
which grew by 7.59%.
“Other non-oil sectors that drove growth
in Q2 2018 include telecommunication which grew by 11.51%, water supply
and sewage which grew by 11.98% and broadcasting which grew by
21.92%.’’
in Q2 2018 include telecommunication which grew by 11.51%, water supply
and sewage which grew by 11.98% and broadcasting which grew by
21.92%.’’
The non-oil sector performance was
however constrained by agriculture that grew by 1.3% compared to 3.00%
in Q1 2018 and 3.01% in Q2 2017.
however constrained by agriculture that grew by 1.3% compared to 3.00%
in Q1 2018 and 3.01% in Q2 2017.
Q2 2018 GDP growth was also constrained
by oil GDP with crude oil and gas production contracting by -3.95%
compared to 14.77% in Q1 2018 and 3.53% in Q2 2017
by oil GDP with crude oil and gas production contracting by -3.95%
compared to 14.77% in Q1 2018 and 3.53% in Q2 2017
Services GDP recorded its best
performance in 9 quarters, growing by 2.12% in Q2 2018 compared to
-0.47% in Q1 2018 and -0.85% in Q2 2017
performance in 9 quarters, growing by 2.12% in Q2 2018 compared to
-0.47% in Q1 2018 and -0.85% in Q2 2017
Statistician General and Chief Executive
Officer of National Bureau of Statistics (NBS), Dr. Yemi Kale, had on
August 20, 2018 denied reports quoting that Nigerian economy had yet to
recover from recession.
Officer of National Bureau of Statistics (NBS), Dr. Yemi Kale, had on
August 20, 2018 denied reports quoting that Nigerian economy had yet to
recover from recession.
Kale categorically said that Nigeria was out of recession and that at no time did he suggest otherwise.
His denial was contained in a statement released on Monday by the Bureau’s Public Relations Officer, Mr. J. Ichedi.
NBS said that it reported in the second
quarter of 2017 that the country was out of recession as the country
recorded the first positive growth in Gross Domestic Product (GDP)
following five quarters of contradiction.
quarter of 2017 that the country was out of recession as the country
recorded the first positive growth in Gross Domestic Product (GDP)
following five quarters of contradiction.
He said that economic growth as measured
by GDP has remained positive ever since with 0.72% in second quarter of
2017; 1.17% in third quarter of 2017; 2.11% in fourth quarter; and 1.95%
in first quarter of 2018.
by GDP has remained positive ever since with 0.72% in second quarter of
2017; 1.17% in third quarter of 2017; 2.11% in fourth quarter; and 1.95%
in first quarter of 2018.
Ichedi said that NBS had continued to explain that there would be economic recovery after the recession.
The economic after recession moves gradually towards sustainable strong growth which “is the stage we are now’’.
This is the position which the CEO told Arise Television in an interview, he said.
The CEO, he said, told the television
that the economy was in the second state of recovery and heading toward
sustainable growth which is the last stage’’.
that the economy was in the second state of recovery and heading toward
sustainable growth which is the last stage’’.
“This should not be wrongly interpreted as the economy is still in recession,’’ Ichedi said.
According to a report by a local
newspaper on Monday, the Statistician-General was quoted to have
lamented the performance of the nation’s economy in the second quarter
of the year.
newspaper on Monday, the Statistician-General was quoted to have
lamented the performance of the nation’s economy in the second quarter
of the year.
