In the fourth quarter of 2018, Nigeria’s Gross Domestic Product (GDP) grew by 2.38percent in real terms (year-on-year).
This represents an increase of 0.27percent points when compared to the fourth quarter of 2017 which recorded a growth rate of 2.11percent indicating a rise of 0.55percent points when compared with the growth rate recorded in Q3 2018.
On a quarter on quarter basis, real GDP growth was 5.31percent. The fourth quarter growth performance implies that real GDP grew at an annual growth rate of 1.93percent in 2018, compared to 0.82percent recorded in 2017, an increase of 1.09percent points.
During the quarter, aggregate nominal GDP stood at N35,230,607.63 million, which is higher than N31,275,354.08 million recorded in Q4 2017, a nominal growth rate of 12.65percent.
For 2018, nominal GDP stood at N127,762,545.58 million representing a nominal growth rate of 12.36percent when compared to N113,711,634.61million recorded in 2017.
The winner of the Feb. 16 presidential election will face the task of diversifying the economy of Africa’s top oil producer, easing stubbornly high inflation and improving the living conditions of a rapidly growing, young population struggling to find jobs.
DIPO OLADEHINDE
