Nigeria’s GDP shrinks from 1.95% to 1.5% in Q2 -NBS

Udo Udoma

Udo Udoma

It added that the figure was -0.45% points slower than 1.95 percent recorded in the first quarter of 2018.

Trade sector posted a growth in the last quarter of 2017 however it has posted negative GDP growth rate in the first three quarters of 2017 and the first two of 2018.

Also, Agriculture grew by 1.19 percent year on year, 181 bps and 182 bps lower than growth rates recorded in first quarter of 2018 and second quarter of 2017 respectively.

The NBS said the growth in the second quarter of 2018 is driven by developments in the non-oil sector as the services sector recorded its strongest positive movement since 2016.

From the analysis it is a slow momentum for the Nigerian economy, with a 1.50% Q2, 2018 GDP growth level, declining from the previous 1.95% in Q1,2018.

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Analysis showed that GDP growth within the period was constrained by oil GDP with crude oil and gas production contracting by -3.95 per cent compared to 14.77 per cent in the first quarter of 2018 and 3.53 per cent in second quarter of 2017.

Leading the expansion were the transportation, construction and electricity sectors, while agriculture growth dipped to 1.3 percent from 3 percent.

Other non-oil sectors that drove growth in the second quarter include Telecommunications which grew by 11.51%, Water supply and Sewage 11.98% and Broadcasting by 21.92%. Spend less on the Internet!

For the first time since the country came out of recession in 2017, the non-oil sector struggled as the economy grew by 1.95% in the first quarter lifted by the oil sector.

Largely dependent on its rich crude reserves, Nigeria's economy began climbing out of its first recession in 25 years in 2016 as President Muhammadu Buhari's government implemented the early stages of a turnaround plan.

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The Minister of Budget and National Planning, Senator Udoma Udo Udoma, says the federal government is encouraged by the "continuing" growth recorded in the non-oil sector, following release of the latest GDP report.

But he is optimistic that once the issues are addressed the nation should be able to achieve positive growth in the oil and gas sector.

These security challenges, he noted, affected activities of farmers with the resultant impact on commodity output.

The growth, NBS said, is N16.58 trillion in real terms.

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.

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It noted that the achievement was an evidence that the implementation of the targeted policies and programs of the Economic Recovery and Growth Plan (ERGP) was yielding positive results.

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