Nigeria’s GDP rises to 2.38% in Q4 – NBS

Statistician-General of the National Bureau of Statistics, Dr Yemi Kale says unemployment has risen to 23.1 per cent
Statistician-General of the National Bureau of Statistics, Dr Yemi Kale

Nigeria’s Gross Domestic Product (GDP) increased to 2.38 per cent (year-on- year) in the fourth quarter of 2018 (Q4, 2018), indicating a 0.55 percentage rise compared to the 1.81 per cent growth recorded in the preceding quarter, the National Bureau of Statistics (NBS) says.

This also represented an increase of 0.27 per cent when compared to the 2.11 per cent growth rate recorded in the fourth quarter of 2017.

The fourth quarter and full year report for 2018 by the statistical agency shows that on a quarter on quarter basis, real GDP growth was 5.31 per cent.

“The fourth quarter growth performance implies that real GDP grew at an annual growth rate of 1.93 per cent in
2018, compared to 0.82 per cent recorded in 2017, an increase of 1.09 per cent points,” the NBS stated.

In Q4, aggregate nominal GDP stood at N35.23 trillion, higher than N31.27 trillion recorded in Q4, 2017, representing a nominal growth rate of 12.65 per cent.

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However, nominal GDP for the whole of 2018 stood at N127.76 trillion, representing a nominal growth rate of 12.36 per cent when compared to N113.71 trillion in 2017.

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