Nigeria’s Gross Domestic Product (GDP) grew by 2.01% year-on-year in the first quarter of 2019.
According to the data released by the National Bureau of Statistics (NBS), the Q1 2019 growth rate represented an increase of 0.12% points.
However, relative to the preceding quarter (fourth quarter of 2018), real GDP growth rate declined by –0.38% points.
“It is worth noting that general elections were held across the country during the first quarter of 2019 and this may have reflected in the strongest first-quarter performance observed since 2015,” the NBS said.
“Aggregate GDP stood at N31.79tn in nominal terms. This aggregate was higher than in the first quarter of 2018 which recorded N28.44tn, representing a year-on-year nominal growth rate of 11.80 per cent. The aggregate was, however, lower than in the preceding quarter of N35.23tn, by -9.75 per cent.”
