The local economy in Nigeria has continued to show positive signs of improvement in the wake of corrective initiatives by the government.
Nigeria’s Gross Domestic Product grew by 1.95 per cent year-on-year in real terms in the first three months of this year.
The National Bureau of Statistics stated this on Monday in its GDP report for 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 per cent, indicating an increase of 2.87 per cent points,” the NBS said.
It said compared to the preceding quarter, there was a decline of -0.16 percentage points from 2.11 per cent.
“Quarter on quarter, real GDP growth was -13.40 per cent,” the bureau said, adding that the oil production estimates for the third and fourth quarters of 2017 had been revised and oil GDP for those quarters had been adjusted accordingly.
The NBS said, “Still on the first quarter of 2018, aggregate GDP stood at N28,464,322.01m in nominal terms. This performance is higher when compared to the first quarter of 2017, which recorded a nominal GDP aggregate of N26,028,356.03m, thus presenting a positive year-on-year nominal growth rate of 9.36 per cent.
“This rate of growth is, however, lower relative to growth recorded in Q1 2017 by -7.70 per cent points at 17.06 per cent but higher than the proceeding quarter by 2.14 per cent points at 7.22 per cent. To give a clearer depiction, the Nigerian economy has been classified broadly into the oil and non-oil sectors.”
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