Nigeria’s GDP slowed in 2018 second quarter

Former Minister of Finance, Kemi Adeosun (Photo Credit:
Former Minister of Finance, Kemi Adeosun (Photo Credit:

Nigeria’s Gross Domestic Product (GDP) slowed in the second quarter of 2018, the National Bureau of Statistics, NBS, said on Monday.

According to details of the Nigerian Gross Domestic Product Report (Q2 2018 ) released by the bureau on Monday, growth in Q2 2018 was –0.45 percent points slower than 1.95 percent recorded in the first quarter of 2018.

However, growth was 0.79 percent points higher when compared to the second quarter of 2017 which recorded a growth of 0.72 percent.

The NBS said in the second quarter of 2018, the GDP grew by 1.50 per cent in real terms to N16.58 trillion. On a quarter on quarter basis, real GDP growth was 2.94 percent.

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

“For better clarity, the Nigerian economy can be classified broadly into the oil and non-oil sectors,” the report said.

“Broadly speaking, growth in Q2 2018 was driven by developments in the non-oil sector as Services sector recorded its strongest positive growth since 2016. However, the relatively slower growth when compared to Q1 2018 and Q2 2017 could be attributed to developments in both the oil and non-oil sectors.”


PT Mag Campaign AD

Support PREMIUM TIMES' journalism of integrity and credibility

Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.

For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.

By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.


NEVER MISS A THING AGAIN! Subscribe to our newsletter

* indicates required


Now available on

  Premium Times Android mobile applicationPremium Times iOS mobile applicationPremium Times blackberry mobile applicationPremium Times windows mobile application

TEXT AD: This space is available for a Text_Ad.. Call Willie on +2347088095401 for more information

All rights reserved. This material and any other material on this platform may not be reproduced, published, broadcast, written or distributed in full or in part, without written permission from PREMIUM TIMES.