Nigeria GDP Growth Slows to 1.9% in Q1

The economy of Nigeria expanded 1.9 percent year-on-year in the first quarter of 2018, easing from an upwardly revised 2.1 percent growth in the previous period. It is the fourth consecutive quarter of expansion, as the oil sector continued to rise while the non-oil output growth slowed.

The oil sector grew 14.7 percent year-on-year in the first quarter of 2018, accelerating from a 11.2 percent expansion in the prior period. The country produced 2.0 million barrels of crude oil per day, up from 1.75 mbpd in the same period a year earlier. As a result, the oil sector accounted for 9.6 percent of the GDP compared to 8.5 percent a year ago.

The non-oil sector advanced 0.7 percent, after increasing 1.5 percent in the prior period.

Growth eased for: agriculture (3.0 percent compared to 4.2 percent in Q4 2017); transportation and storage (14.5 percent compared to 16.6 percent); food and accomodation services (0.3 percent compared to 0.8 percent); electricity, gas, steam and air conditioning supply (4.9 percent compared to 16.0 percent) and arts, entertainment and recreation (0.3 percent compared to 3.5 percent). Additionally, output contracted for construction (-1.5 percent compared to 4.1 percent) and internal trade (-2.6 percent compared to 2.1 percent). Also, production dropped further for public administration (-1.7 percent compared to -0.5 percent) and real estate activities (-9.4 percent compared to -5.9 percent) and continued to fall for social services (-0.4 percent). On the other hand, output increased at a faster pace for financial and insurance (13.3 percent compared to 0.2 percent); manufacturing (3.4 percent compared to 0.1 percent); mining and quarrrying (14.9 percent compared to 10.7 percent) and water supply, sewerage, waste management and remediation (11.6 percent compared to 1.2 percent). In addition, production rebounded for information and telecommunication (1.6 percent compared to -1.5 percent) and education (0.5 percent compared to -1.0 percent).

On a quarterly basis, the economy shrank 13.4 percent, after expanding 4.7 percent in the previous quarter.

Nigeria GDP Growth Slows to 1.9% in Q1

National Bureau of Statistics | Stefanie Moya |
5/21/2018 9:29:05 AM