The nation’s Gross Domestic Product (GDP) grew in fourth quarter of 2017 by 1.92 percent in real terms, the National Bureau of Statistics, NBS, said on Tuesday.
A report by the NBS said the nation maintained its positive growth since the emergence of the economy from recession in the second quarter of 2017.
“This growth is compared to a contraction of –1.73% recorded in Q4 2016 and a growth of 1.40% recorded in Q 2017,” the report said..
The year 2017 recorded a real annual growth rate of 0.83% higher by 2.42% than –1.58% recorded in 2016, it added.
In the quarter under review, the nation recorded a Nominal GDP growth of 6.99%.
“The growth is lower relative to growth recorded in Q4 2016 at 12.49%,” the report said.
“Nominally, 2017 recorded an annual growth rate of 12.05% higher by 4.25% compared to 2016 annual growth of 7.80%.”
The report noted that the GDP growth recorded was driven by growth in crop production, crude production and natural gas, metal ores, construction, transportation and storage, trade, electricity and gas production.
Commenting on the development, Lukman Otunuga, a Research Analyst at FXTM, said investor sentiment over the Nigerian economy was uplifted with the official reports as it showed that the nation bounced back to life in 2017, after experiencing its first recession in over 25 years.
“With Nigeria slowly breaking away from the shackles of oil reliance and deriving growth from other sustainable sources, the outlook remains highly encouraging,” he said.
“For Nigeria to maintain this current positive momentum, it is vital that the 2018 budget is approved. With economic growth prospects on a positive trajectory and inflation stabilizing, the Central Bank of Nigeria could be encouraged to cut interest rates sooner than expected to support growth further.”
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