Data source: National Bureau of Statistics
The Nigerian economy nosedived into recession in 2016, due to a sudden crash in oil price. The economy recorded negative growth rates in two consecutive quarters, producing an annual negative growth rates of -1.68% at constant market price in 2016.
In the fourth quarter of 2018, Nigeria’s Gross Domestic Product (GDP) grew by 2.38% in real terms (year-on-year). This represents an increase of 0.27% points when compared to the fourth quarter of 2017 which recorded a growth rate of 2.11%.
It also indicates a rise of 0.55% points when compared with the growth rate recorded in Q3 2018. On a quarter on quarter basis, real GDP growth was 5.31%. The fourth quarter growth performance implies that real GDP grew at an annual growth rate of 1.93% in 2018, compared to 0.82% recorded in 2017, an increase of 1.09% points.
The contribution of non-oil GDP improved to 92.94% in Fourth quarter 2018, from 90.62% in the third quarter. While oil GDP contributes 7.06% to total GDP in the review period. Nigeria witnessed negative GDP growth between first quarters of 2016 to 1t quarter 2017, when the country was in recession