Skip to main content

Despite drop in oil production, Nigeria’s GDP grows by 1.93 percent - Report

- Nigeria's Gross Domestic Product (GDP) grows by 1.93 percent despite drops in oil production

- The figure confirms 1.6 percentage points less than the 3.0 percent that was projected by the federal government

- The oil sector growth dropped as it stood at 1.14 percent as against 4.69 percent recorded in 2017

Despite drops in oil production in Nigeria, the country’s Gross Domestic Product (GDP) reportedly recorded a positive growth of 1.93 percent in 2018 as data made available by the National Bureau of Statistics (NBS) have shown.

It was learnt that the data released on Tuesday, February 12, showed that the fourth quarter GDP grew by 2.38 percent as against the 1.81 percent recorded in the third quarter.

According to the report, the figure confirms 1.6 percentage points less than the 3.0 percent that was projected by the federal government in the 2019-2021 medium-term expenditure framework and fiscal strategy paper (MTEF).

READ ALSO: NAIJ.com upgrades to Legit.ng: a letter from our Editor-in-Chief Bayo Olupohunda

“The non-oil sector grew by 2.70 percent in real terms during the fourth quarter of 2018. This is 1.25 percent points higher than the growth rate recorded in Q4 2017, and 0.38 percent points higher than the growth rate recorded in Q3 2018.

“The oil sector recorded a real GDP growth rate of –1.62 percent (year-on-year) in Q4 2018, indicating a decline of –12.81 percent points relative to the growth rate recorded in the corresponding quarter of 2017. However, when compared to Q3 2018, growth increased by 1.29 percent points.

“On an annual basis, real GDP growth for the oil sector stood at 1.14 percent as against 4.69 percent recorded in 2017.

“In the fourth quarter of 2018, average daily oil production stood at 1.91 million barrels per day (mbpd). This was lower than the 1.95 mbpd recorded in the same quarter of 2017, and 1.94mbpd in Q3 2018," the report said.

The Cable reports that the record meets the projection of the World Bank group and International Monetary Fund that the economy will grow by 1.9 percent in 2018.

PAY ATTENTION: Download our mobile app to enjoy the latest news updates

The report said the two institutions had cut the country’s growth projections to 1.9 percent from 2.1 percent.

Legit.ng earlier reported that analysts at Citigroup Nigeria’s stock market may rally if President Muhammadu Buhari loses the election of February 16.

The report posted on Bloomberg noted that the nation's stock market will recover, ending a run that’s seen it fall more than any other in the world in dollar terms since Buhari came to office in May 2015.

NAIJ.com (naija.ng) -> Legit.ng. We have upgraded to serve you better.

How Fashola, Adesina, others exposed Buhari in new video | Legit TV

Source: Legit.ng



from Nigeria News today & Breaking Naija news ▷ Read on Legit.ng 24/7 http://bit.ly/2SpYYBv
via EDUPEDIA24/7

Comments

Post a Comment

Popular posts from this blog

Dust haze weather to prevail on Thursday, December 27

- The Nigerian Meteorological agency (NiMet) predicts thick dust haze weather conditions over most parts of the country - NiMet predicts northern states would experience dust haze - The agency also predicts early morning mist/fog is expected over the coastal cities The Nigerian Meteorological Agency (NiMet) has predicted thick dust haze weather conditions with reduced visibility over most parts of the country on Thursday, December 27. NiMet’s Weather Outlook on Wednesday, December 26, in Abuja, revealed that the central region of the country would record dust haze condition with visibility range of two to five kilometres throughout the day. It added that day and night temperatures of 27 degrees Celsius to 34 degrees Celsius and 10 degrees Celsius to 20 degrees Celsius, respectively, would prevail over the region. READ ALSO: Police reportedly arrest Badeh’s alleged killers The agency predicted that the northern states would experience dust haze with visibility range of two to fi...
Post a Comment
Read more

N2.5bn Fraud: You Have Case To Answer, Appeal Court Tells Suspended NBC Boss, Kawu

The Director General of the National Broadcasting Commission, NBC, Ishaq Kawu. The Court of Appeal, sitting in Abuja, has dismissed an appeal filed by the suspended Director-General of the National Broadcasting Commission, Dr Moddibbo Kawu, challenging the decision of the Federal High Court, to dismiss the no-case submission he filed at the lower court. The Independent Corrupt Practices and Other Related Offences Commission had charged Kawu, Lucky Omoluwa (late Chairman of Pinnacle Communications Ltd) and Dipo Onifade, Chief Operating Officer of the same company, before Justice Folashade Ogunbanjo-Giwa, on a 12-count charge of money laundering. Is'haq Modibbo Kaw THISDAYLIVE The suspended NBC boss and his co-accused then approached the appellate court to reverse the judgment of the Federal High Court. The appellate dismissed the no-case submission filed by Kawu and his co-accused and held that they had an explanation to give when he elected to facilitate the payment of ...
Post a Comment
Read more

Buhari’s Legacy Of Recessions By Fredrick Nwabufo

Fredrick Nwabufo ‘Why always Buhari?’ As it was in 1984 under General Buhari, so it is in 2016 and 2020 under President Buhari? Is it by the unfortunate hands of kismet that recession hits Nigeria every time Buhari takes charge of the country’s affairs? If the recession of the 80s under Buhari was a conspiracy by economic and political factors, to what do we attribute that of his first coming as a civilian President — and now in his second coming? Why does pestilence scourge the land, hunger ravage the population and lives lost malevolently when Buhari presides over the country? Why always Buhari? Buhari’s undoing is his wonted predilection for hierarchising ethnicity, religion and loyalty above competence. Since 1999, no President has obtrusively shown a more nepotistic aspect than Buhari. It is unarguable that the President arrays the most competence-challenged cabinet ever in the chronicle of governance in Nigeria. Yes, a recession cabinet. Fredrick Nwabufo Here is a cabin...
Post a Comment
Read more