So, the National Bureau of Statistics, NBS just released the gross domestic report for the fourth quarter of 2018.

The report showed the economy growing by 2.38% within the period, bringing the total GDP for the year to 1.93%.

A key aspect of the GDP is the contribution of the oil sector. According to the NBS report, Nigeria’s average daily crude output stood 1.91 million barrels per day, mbpd.

This was lower than the 1.95 mbpd recorded in the same quarter of 2017, and 1.94mbpd in Q3 2018.

“The oil sector recorded a real GDP growth rate of –1.62% (year-on-year) in Q4 2018, indicating a decline of –12.81% points relative to the growth rate recorded in the corresponding quarter of 2017.

Also Read: Top 4 Issues That Shaped Nigeria’s Economy In 2018

“However, when compared to Q3 2018, growth increased by 1.29% points. On an annual basis, real GDP growth for the oil sector stood at 1.14% as against 4.69% recorded in 2017,” the NBS report said.

In terms of contribution to the GDP, the Oil sector didn’t fare any better as the sector contributed 7.06% to real GDP in Q4 2018, down from figures recorded in the corresponding period of 2017 and the preceding quarter, where it contributed 7.35% and 9.38% respectively.

“For 2018, the contribution of the oil sector to aggregate real GDP was 8.60%, slightly lower when compared with 8.67% in 2017,” the report said.

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