The National Bureau of Statistics on Monday released Nigeria’s Gross Domestic Product growth rate report with the size of the economy shrinking from 2.11 per cent in the fourth quarter of 2017 to 1.95 per cent in the first quarter of this year.
The NBS in the report made available to reporters said that during the period, the country recorded a nominal GDP of N28.46trn. This, it added, is higher than the N26trn nominal GDP which the economy recorded in the first quarter of 2017.
The report read in part, “Nigeria’s Gross Domestic Product grew by 1.95 per cent year-on-year in real terms in the first quarter of 2018. “This shows a stronger growth when compared with the first quarter of 2017 which recorded a growth of –0.91 per cent indicating an increase of 2.87 per cent points.
“Compared to the preceding quarter, there was a decline of –0.16 per cent points from 2.11 per cent. Quarter on quarter, real GDP growth was –13.40 per cent.”