NBS: Non-Oil Sector Adds N18 Trillion To GDP In Q4 2019

The non-oil sector added N18.04 trillion to Nigeria’s GDP  in the Fourth Quarter of 2019, representing 92% of total GDP of N19.5 trillion.

The 2.55% growth in the Q4 of 2019 represents four- year high since the country’s recession in 2016, the National Bureau of Statistics (NBS) disclosed on Monday in its Q4 2019 GDP report.

The real Q4 GDP growth of N19.5 trillion represents a 2.55% growth year on year (Y on Y), compared with 2.38% recorded in Q4 2018, indicating the best fourth-quarter performance since 2016.

According to NBS, the  hike drove the GDP to an annual growth rate of 2.27%.

Growth in the activities of the non-oil sector contributed 92.68% of the Q4 GDP of the country, while the oil sector contributed 7.32% in the same quarter.

The annual contribution of the non-oil sector in 2019 was 91.22%, while the oil sector contributed 8.78% of the nation’s GDP.Similarly, the oil sector witnessed a boost in the Q4 under review, as the sector experienced real growth of 6.36% (Y on Y), compared with Q4 2018 growth rate of 7.98%. 

NBS attributed growth in the oil sector to increase in daily oil production which had hit 2 million barrels per day, a 0.09% increase over the daily average of 1.91 million recorded in same quarter 2018.

Meanwhile, non-oil sector was driven by growth in information and communication sector, which contributed 13.12 % and the agricultural sector, mostly crop production, by 26.09% in Q4.

The  financial and insurance and manufacturing sectors also boost the GDP by 3.1%% and 8.74% respectively.