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Tuesday, 12 February 2019

Nigerian economy grew 2.38 pct in Q4 2018 ~ NBS

Nigeria’s Gross Domestic Product (GDP) grew 2.38 percent in the fourth quarter of 2018 compared with 2.11 percent in the same quarter a year earlier, the National Bureau of Statistics (NBS) latest data has shown.
It was the highest growth rate since the third quarter of 2015, as the non-oil sector increased further and the oil sector contracted less.
The full year 2018 real GDP growth rate stood at 1.93 percent compared to 0.82 percent posted at the end of 2017.
The country’s GDP growth was slower than government projection for the period under review.
The government had projected 2.0 percent growth for 2018.
The World Bank also foresee Nigeria’s economic growth at slightly less than 2 percent this year as the approach of elections keeps foreign investors away.
However, economic growth in Africa’s most populous country is yet to match the pace of population growth put at 3 percent annually and lowers than the peak of over 6 percent in 2014.
Nigeria’s economy emerged from recession in 2017 and has been recovering largely because of higher oil prices, though growth remains fragile.
A Reuters poll of analysts had forecast median growth of 2.1 percent for the Nigerian economy, saying growth was expected to slow as investors hold off before 2019 elections.
Nigerians vote on Saturday for a new president. Incumbent Muhammadu Buhari is hoping his record on corruption, security and boosting the economy can secure him a second four-year term in office.

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