The oil sector shrank 1.6 percent in the fourth quarter of 2018, after contracting 2.9 percent in the prior period. The country produced 1.91 million barrels of crude oil per day, lower than 1.95 mbpd in the same period a year earlier. As a result, the oil sector accounted for 7.1 percent of GDP compared to 7.4 percent a year ago.
The non-oil sector rose 2.7 percent, higher than a 2.3 percent growth in the third quarter.
Output increased further for information and telecommunication (13.2 percent compared to 12.1 percent in Q3); arts, entertainment and recreation (4.2 percent compared to 2.8 percent); agriculture (2.5 percent compared to 1.9 percent); manufacturing (2.4 percent compared to 1.9 percent); and construction (2.1 percent compared to 0.5 percent). Also, output rebounded for education (0.4 percent compared to -0.4 percent) and contracted less for mining and quarrying (-1.2 percent compared to -2.8 percent); financial and insurance (-1.8 percent compared to -4.8 percent); public administration (-0.3 percent compared to -1 percent) and social services (-0.6 percent compared to -0.7 percent). On the other hand, growth slowed for transportation and storage (9.5 percent compared to 12 percent); food and accommodation services (2.1 percent compared to 2.7 percent); electricity, gas, steam and air conditioning supply (1 percent compared to 18.3 percent); and water supply, sewerage, waste management and remediation (1.9 percent compared to 2.3 percent). Additionally, real estate activities declined faster (-3.9 percent compared to -2.7 percent) while internal trade advanced at the same pace (1 percent, the same as in Q3).
On a quarterly basis, the economy expanded 5.3 percent, lower than a 9.5 percent in the prior quarter.
In 2018, the Nigerian economy grew 1.9 percent, quickening from 0.8 percent in 2017. It is the fastest expansion since 2015.