Nigeria records 2.38% GDP growth in Q4 2018 – NBS

Nigeria's economic growth falls 1.50% in Q2 - NBS
Illustrative picture. PHOTO CREDIT: SHIPS & PORTS archive

The National Bureau of Statistics (NBS) on Tuesday said Nigeria’s Gross Domestic Product (GDP) grew 2.38 percent in the last quarter of 2018, an increase of 0.27 percent against the year before growth rate of 2.11 percent.

The NBS noted that the growth also indicates a 0.55 percent rise against the growth rate of the third quarter of 2018.

It said on a quarter by quarter basis, Nigeria’s real GDP growth was 5.31 percent.

According to the bureau, the fourth quarter growth performance indicates that the country’s real GDP grew at an annual growth rate of 1.93 percent in 2018, compared to 0.82 percent recorded in the previous year, an increase of 1.09 percent.

The Federal Government had projected 2 percent growth for 2018. The World Bank has said Nigeria’s economy will grow slightly less than 2 percent this year as the approach of elections keeps foreign investors away.