Again, Non-Oil Sector Drives Nigeria GDP Growth In Q4
In the third quarter of 2018, Nigeria’s gross domestic product, GDP grew by 1.88% led by the non-oil sector, especially information technology.
The sector recorded the same feat in the last quarter of the year, as it grew by 2.70% in real terms during the period under review, according to the GDP report released on Tuesday by the National Bureau of Statistics, NBS.
This is 1.25% points higher than the growth rate recorded in Q4 2017, and 0.38% points higher than the growth rate recorded in Q3 2018.
According to the NBS report, on an annual basis, the non-oil sector recorded a growth rate of 2.00% in 2018, performing considerably better than 0.47% seen in 2017.
The report named the key performing activities during the quarter to include Information and communication, Transportation & Storage, Arts & Entertainment, Agriculture and Manufacturing.
“The Non-Oil sector contributed 92.94% to real GDP in the fourth quarter of 2018, slightly higher than the 92.65% seen in Q4 2017. For 2018, annual contribution was recorded at 91.40% against 91.33% in year 2017.
“Key performing activities on an annual basis include Transport, Information & Communication, Electricity, Water, as well as Arts & Entertainment,” the report said.
Don't forget to share this story with your friends.