Nigeria’s economy grew by 2.27% in 2019


Illustrative picture. PHOTO CREDIT: SHIPS & PORTS archive


Nigeria’s economy grew by 2.27% in 2019, up from the 1.91% recorded in 2018.

The Gross Domestic Product (GDP) report released Monday by the National Bureau of Statistics (NBS) showed that Nigeria’s economic growth rate in 2019 out-performed the 2.1% projected by the International Monetary Fund (IMF).

Analysis showed that quarter on quarter, real GDP growth was 5.59%.

The economy grew by 2.55% in the fourth quarter of 2019.

Compared to the fourth quarter of 2018, which recorded a growth rate of 2.38%, this represents an increase of 0.17% points and an increase of 0.27% points when compared with the third quarter of 2019.

Daily Trust observes that the strong fourth quarter 2019 growth rate also represented the highest quarterly growth performance since the 2016 recession.