Nigeria’s gross domestic product grew by 2.27% in 2019, data released by the National Bureau of Statistics (NBS) has shown. The International Monetary Fund (IMF) had projected that the nation’s economy would grow by 2.1% in 2019.

This was revealed in the latest report released by the National Bureau of Statistics (NBS) and obtained by Brand Spur Nigeria on Monday.

Nigeria's Gross Domestic Product (GDP) grew by 2.55%(year-on-year) in real terms in the fourth quarter of 2019. Compared to the fourth quarter of 2018 which recorded a growth rate of 2.38%, this represents an increase of 0.17% points and an increase of 0.27% points when compared with the third quarter of 2019. The strong fourth quarter 2019 growth rate also represented the highest quarterly growth performance since the 2016 recession (see Figure 1). Overall, this resulted in an annual 2019 real growth rate of 2.27%, compared to 1.91% in 2018. Quarter on quarter, real GDP growth was 5.59%. 

In Q4 2019, aggregate GDP stood at N39,577,340.04 million in nominal terms. This was higher than the fourth quarter of 2018 which recorded an aggregate of N35,230,607.63 million, representing year on year nominal growth rate of 12.34%. This rate was -0.31% points lower relative to the rate recorded in the fourth quarter of 2018 and -0.96% points lower than the rate recorded in the preceding quarter. For better clarity, the Nigerian economy has been classified broadly into the oil and non-oil sectors.

The Oil Sector

During the fourth quarter of 2019, average daily oil production of 2.00 million barrels per day (mbpd) was recorded, indicating a rise of 0.09mbpd over the daily average production of 1.91 mbpd recorded in the same quarter of 2018. However, it was -0.04mbpd lower than the production volume of 2.04mbpd recorded in the third quarter of 2019. Nevertheless, it is notable that oil production remained consistently at or above 2.0mbpd all through 2019.

The real growth of the oil sector was 6.36%  (year-on-year) in Q4 2019 indicating an increase of 7.98% points relative to the rate recorded in the corresponding quarter of 2018. Growth decreased by -0.13% points when compared to Q3 2019 which was 6.49%.  Quarter-on-Quarter, the oil sector recorded a growth rate of -20.87% in Q4 2019. On an annual basis, oil recorded 4.59% growth in 2019, higher compared to 0.97% recorded in 2018. The Oil sector contributed 7.32% to total real GDP in Q4 2019, up from figures recorded in the corresponding period of 2018 but down compared to the preceding quarter, where it contributed 7.06% and 9.77% respectively.  Oil contributed 8.78% to real GDP in 2019.

The Non-Oil Sector

The non-oil sector grew by 2.26% in real terms during the reference quarter (Q4 2019).  This was lower by -0.44% points compared to the rate recorded in the same quarter of 2018 but 0.42% point higher than the third quarter of 2019. This sector was driven, during the fourth quarter of 2019, mainly by Information and Communication (Telecommunications), Agriculture (Crop Production), Financial and Insurance Services (Financial Institutions), and Manufacturing. In real terms, the Non-Oil sector contributed 92.68% to the nation's GDP in the fourth quarter of 2019, lower from shares recorded in the fourth quarter of 2018 (92.94%) but higher than the third quarter of 2019 (90.23%). The annual contribution of the non-Oil sector stood at 91.22% in 2019.

SOURCE: https://brandspurng.com/2020/02/24/nigerias-economy-surpasses-imfs-projection-grows-by-2-27-records-highest-gdp-growth-since-2016-recession/

Audio growth

One step forward and several steps backward, is that one a growth ?

I salute una ooo. Nigeria the only country that positive economic indices don't transmit to the true lives of it's citizenry. This one hot Sha like something like this

I will not argue with you on this . This government is become something.

NaijaRoyalty:
Audio growth

One step forward and several steps backward, is that one a growth ?

NaijaRoyalty:
Audio growth

One step forward and several steps backward, is that one a growth ?

Be here shouting audio while your mates are busy making new money and growing the economy.

SocialJustice:
Be here shouting audio while your mates are busy making new money and growing the economy.

Oga, I hope you're aware that abacha's partner in crime , Bagudu, would soon pocket $177,000.000 meant for you, your generation and the rest of the over 200million citizens of Nigeria ?

How much is your salary by the way ?

NaijaRoyalty:


Oga, I hope you're aware that abacha's partner in crime , Bagudu, would soon pocket $177,000.000 meant for you, your generation and the rest of the over 200million citizens of Nigeria ?

How much is your salary by the way ?

Is it your business or can you control what the political class does? I'm hustling to secure me and my generation, I'm not waiting for government money. You will only relegate yourself and your generation to poverty if you waste your time focusing on events you can't control instead of to focus on building your legacy.

SocialJustice:
Is it your business or can you control what the political class does? I'm hustling to secure me and my generation, I'm not waiting for government money. You will only relegate yourself and your generation to poverty if you waste your time focusing on events you can't control instead of to focus on building your legacy.

What a mentality you've showcased here..
I'm disappointed.

No wonder the political class treats you guys like pieces of thrash because they know you can't do shiit.

NaijaRoyalty:


What a mentality you've showcased here..
I'm disappointed.

No wonder the political class treats you guys like pieces of thrash because they know you can't do shiit.

Abeg go sleep, if a protest is called for, will you come out? Will the average Nigerian come out? You think it's about ranting online from the comfort of your home.

Am not an economist but I sure know many still makes it here in naija

NaijaRoyalty:


What a mentality you've showcased here..
I'm disappointed.

No wonder the political class treats you guys like pieces of thrash because they know you can't do shiit.

what have you done to put a stop to this menace you preach of

NaijaRoyalty:


What a mentality you've showcased here..
I'm disappointed.

No wonder the political class treats you guys like pieces of thrash because they know you can't do shiit.

what have you done since 1999(obj regime)?

Abeg go sleep, if a protest is called for, will you come out? Will the average Nigerian come out? You think it's about ranting online from the comfort of your home.

It starts by ranting, talking, when you see something you ask questions,

Audio progress of 1 step forward , 19 steps backward.