The National Bureau of Statistics (NBS) says that Nigeria’s Gross Domestic Product (GDP) grew
by 2.01 percent (year-on-year) in real terms in the first quarter of 2019.
The NBS said in its “Nigeria GDP Report for First Quarter 2019’’ released on Monday in Abuja that the figure was 0.12 percent higher than the growth rate of 1.89 percent recorded in the first quarter of 2018.
According to the report, the figure was, however, relative to the fourth quarter of 2018, which showed a decline by -0.38 percent points.
It added that the strong performance recorded in the quarter may be due to the general elections held within the first quarter of 2019.
It explained that the aggregate GDP stood at N31,79 million in nominal terms.
The NBS also said that the figure was higher than N28,43 million recorded in the first quarter of 2018, representing a year-on-year nominal growth rate of 11.80 percent.
It noted that the aggregate is, however, lower than the preceding quarter of N35,23 million by -9.75 percent.
It said the nominal GDP growth rate in the first quarter was also higher than the rate recorded in the first quarter of 2018 by 2.54 percent points.
GIK/APA