Nigeria’s Gross Domestic Product records improvement

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Federal-Ministry-of-Finance

Nigeria’s Gross Domestic Product (GDP) has grown by 1.50% in the second quarter, slower than the 1.95% growth in the first quarter of 2018.

According to the GDP report released by the National Bureau of Statistics (NBS), the second quarter GDP is driven by the non-oil sector 2.05% growth indicating an increase in the second quarter of 2018.

The transportation sector led non-oil GDP Growth with 21.76% while the Agriculture GDP fell 1.3% lower 3% in the first quarter of 2018.

The NBS said the growth in the second quarter of 2018 is driven by developments in the non-oil sector as the services sector recorded its strongest positive growth since 2016.

However, the relatively slower growth when compared to the first quarter of 2018 and second 2017 could be attributed to developments in both the oil and non-oil sectors.

In the second quarter, aggregate GDP stood at N30.69 trillion in nominal terms.

CHANNELS/JUDE