BREAKING: Nigeria’s GDP Slows In Q2

Nigeria Gross Domestic Product slowed in the second quarter of 2018 to 1.50 percent compared to 1.95 percent recorded in the first quarter.

This was according to figures released by the National Bureau of Statistics (NBS) on Monday.

According to the data, second quarter GDP was driven by Non-Oil sector growth of 2.05 percent, however Oil GDP contracted by -3.95 percent as against 14.77 per cent in the first quarter.

The report said for the first time since Nigeria’s exit from recession, growth was driven by the non-oil sector, representing the strongest growth in non-oil GDP since the fourth quarter of 2015.

The non-oil sector growth was driven by Transportation (road, rail water and air) which grew by 21.76%, supported by Construction 7.66% and Electricity 7.59%.

The 2.05 per cent growth rate is higher than the 0.76 per cent growth which the sector recorded in the first quarter of this year.

“Non-oil growth was driven by transportation which grew by 21.76 per cent supported by growth in construction which grew by 7.66 per cent and electricity which grew by 7.59 per cent.

“Other non-oil sectors that drove growth in Q2 2018 include telecommunication which grew by 11.51 per cent, water supply and sewage which grew by 11.98 per cent and broadcasting which grew by 21.92 per cent.

“The non-oil sector performance was however constrained by agriculture that grew by 1.3 per cent compared to three per cent in Q1 2018 and 3.01 per cent in Q2 2017,” the report added.