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Nigeria’s GDP Grew in Real Terms by 1.95% in Q1 2018

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Monday, May 21, 2018 /08:30 AM / NBS

 

Overview of GDP in Quarter One 2018 

Nigeria’s Gross Domestic Product (GDP) grew by 1.95% (year-on-year) in real terms in the first quarter of 2018. This shows a stronger growth when compared with the first quarter of 2017 which recorded a growth of –0.91% indicating an increase of 2.87% points. Compared to the preceding quarter, there was a decline of –0.16% points from 2.11%. Quarter on quarter, real GDP growth was –13.40%.  (Please note that oil production estimates for the third and fourth quarters of 2017 have been revised and oil GDP for those quarters have been adjusted accordingly.) 

Still on the first quarter of 2018, aggregate GDP stood at N28,464,322.01million in nominal terms. This performance is higher when compared to the first quarter of 2017 which recorded a nominal GDP aggregate of N26,028,356.03 million thus, presenting a positive year on year nominal growth rate of 9.36%. This rate of growth is however lower relative to growth recorded in Q1 2017 by –7.70% points at 17.06% but higher than the proceeding quarter by 2.14% points at 7.22%. To give a clearer depiction, the Nigerian economy has been classified broadly into the oil and non-oil sectors.


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 The Oil Sector  

In the period under review, the nation recorded an average daily oil production of 2.0 million barrels per day (mbpd),higher than the daily average production recorded in the fourth quarter of 2017 by 0.05 mbpd and 0.25 mbpd higher than 2017 first quarter production which recorded an output of 1.75mbpd. (Figure2) .

 

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Real growth of the oil sector was 14.77%  (year-on-year) in Q1 2018. This represents an increase of 30.37% points relative to rate recorded in the corresponding quarter of 2017. Quarter-on-Quarter, the oil sector grew by 13.24% in Q1 2018. The Oil sector contributed 9.61% to total real GDP in Q1 2018, up from 8.53% and 7.35% recorded in the Q1 2017 and Q4 2017, respectively. 

 

The Non-Oil Sector 

The non-oil sector grew by 0.76% in real terms during the reference quarter.  This is higher by 0.04% point compared to the rate recorded same quarter of 2017 and 0.70% point lower than the fourth quarter of 2017. This sector was driven mainly by Agriculture (Crop production); other drivers were Financial institutions and insurance, Manufacturing, Transportation and Storage and Information and Communication. In real terms, the Non-Oil sector contributed 90.39% to the nation’s GDP, lower than 91.47% recorded in the first quarter of 2017 and 92.65% recorded in the fourth quarter of 2017.

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Click Here to Download Q1 2018 GDP PDF Report



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Latest 2018 NBS Reports 

Q2 2018

1.       N269.79bn Generated as VAT in Q1 2018 - NBS

2.      Average Price of 1kg of Tomato Increased by 8.38% MoM in April 2018 - NBS

3.      Average Fare for Bus Journey Within City Increased by 3.88% MoM in April 2018 - NBS

4.      Headline Inflation Drops to 12.48% in April 2018; 0.86% Lower Than March 2018 Rate

5.      Average Prices of PMS, AGO, HHK and Cooking Gas – April 2018

6.      Total Value of Capital Imported in Q1 2018 Stood at $6,303.63m - NBS

7.      Banking Sector Records 457.23m Volume of Transactions in Q1 2018 - NBS

8.     FAAC Disburses N647.39bn in March 2018 –NBS

9.      720,958 Passport Applications Received in 2017 - NBS

10.  309,713kg of Drug Seized in 2017 - NBS

11.   Average Intercity Bus Fare Decreased by -5.63% MoM in March 2018

12.  Average Price of Tomato Decreased by -0.58% YoY in March 2018

13.  Headline Inflation Drops to 13.34% in March 2018; 0.99% Lower Than February 2018 Rate

14.  Average Prices of PMS, AGO, HHK and Cooking Gas – March 2018

15.   Updated 2017 IGR Report – Osun State Grows IGR by 32.04% in FY 2017

 

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Q1 2018

1.       FAAC Disburses N635.55bn in February 2018 - NBS

2.      Lagos State Has The Highest Domestic and Foreign Debts as at December 2017 - NBS

3.      States Generate N931.23bn as IGR in 2017 - NBS

4.      Average Air Fare Increased by 1.47% MoM in February 2018 - NBS

5.      Average Price of 1kg of Yam Tuber Increased by 7.10% YoY in February 2018 - NBS

6.      Headline Inflation Drops to 14.33% in February 2018; 0.8% Lower Than January 2018 Rate

7.      Average Prices of PMS, AGO, HHK and Cooking Gas – February 2018

8.     Lagos, Abuja, Port Harcourt, Owerri and Kano Airports Served Over 92% of Total Passengers in Q4 2017

9.      4,175 Ocean Going Vessels Recorded at Nigerian Ports in 2017

10.  Total Value of Capital Imported into Nigeria in Q4 2017 Estimated at $5,382.89m - NBS

11.   Nigeria’s GDP Grows in Real Terms by 1.92% in Q4 and 0.83% for Full Year 2017

12.  FAAC Disburses N655.18bn in January 2018 – NBS

13.  N254.10bn Generated as VAT in Q4 2017 – NBS

14.  Total Active Voice Subscription Increased by 3.69% in Q4 2017 – NBS

15.   18.36bn Litres of PMS Distributed State-wide in 2017 – NBS

16.  5.84m Students Enrolled in Junior Secondary Schools in 2016 - NBS

17.   2,489 Road Traffic Crashes Occurred in Q4 2017 - NBS

18.  Average Air Fare Increased by 7.34% YoY in January 2018 - NBS

19.  Headline Inflation Drops to 15.13% in January 2018; 0.24% Lower Than 15.37% December Rate

20. Average Prices of PMS, AGO, HHK and Cooking Gas – January 2018

21.  7.82m Workers Are Registered Under the Pension Scheme as at Q4 2017 - NBS

22. Daily Energy Generation Attained a Peak of 94,627MWh in Q4 2017 - NBS

23. Banking Sector Records 461.98m Volume of Transactions in Q4 2017 - NBS

24. 77.5m Persons Engaged in Some Sort of Economic Activities in Q3 2017 - NBS

25.  Average Fare Paid by Passengers for Water Transport Increased by 6.05% MoM to N631.55 in Dec 2017

26.  Average Price of 1kg of Yam Tuber Decreased by -3.67% YoY to N211.61 in December 2017 - NBS

27.  Headline Inflation Drops to 15.37% in December 2017; 0.53% Lower Than 15.90% November Rate

28.  Average Prices of PMS, AGO, HHK and Cooking Gas – December 2017

29.  Active Voice Subscribers Dropped by 8.73% in Q3 2017 – NBS

30.  Inequality in Nigeria Worsened Between 2004 and 2013 But Improved in 2016 – NBS

31.   FAAC Disburses N609.96bn in December 2017 – NBS

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