Nigeria Experiences Growth in GDP After Recession

Nigerian Bureau of Statistics (NBS) has reported that for the first time since Nigeria's exit from recession

The Nigerian Bureau of Statistics (NBS) has reported that for the first time since Nigeria's exit from recession, the Gross Domestic Product (GDP) has recorded growth. Driven by the non-oil sector, GDP which grew by 2.05 per cent in the second quarters of 2018 represented the strongest growth in non-oil GDP since fourth quarter of 2015. The non-oil sector performance was however constrained by agriculture that grew by 1.3% compared to 3.00% in Q1 2018 and 3.01% in Q2 2017. Q2 2018 GDP growth was also constrained by oil GDP with crude oil and gas production contracting by -3.95% compared to 14.77% in Q1 2018 and 3.53% in Q2 2017 Services GDP recorded its best performance in 9 quarters, growing by 2.12% in Q2 2018 compared to -0.47% in Q1 2018 and -0.85% in Q2 2017.