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Monday, 21 May 2018

NBS Latest Report: Nigeria Economy Grew By 1.95% In Q1 2018

Nigeria's Gross Domestic Product developed by 1.95 percent year-on-year in genuine terms in the initial three months of this current year.

The National Bureau of Statistics expressed this on Monday in its GDP report for the primary quarter of 2018.

"This demonstrates a more grounded development when contrasted and the main quarter of 2017 which recorded a development of - 0.91 percent, showing an expansion of 2.87 percent focuses," the NBS said.

It said contrasted with the former quarter, there was a decrease of - 0.16 percentage focuses from 2.11 percent.


"Quarter on quarter, genuine GDP development was - 13.40 for each penny," the bureau stated, including that the oil production gauges for the third and fourth quarters of 2017 had been overhauled and oil GDP for those quarters had been balanced appropriately.

The NBS stated, "Still on the main quarter of 2018, total GDP remained at N28,464,322.01m in ostensible terms. This execution is higher when contrasted with the principal quarter of 2017, which recorded an ostensible GDP total of N26,028,356.03m, hence introducing a positive year-on-year ostensible development rate of 9.36 percent.

"This rate of development is, in any case, bring down in respect to development recorded in Q1 2017 by - 7.70 percent focuses at 17.06 percent yet higher than the procedure quarter by 2.14 percent focuses at 7.22 percent. To give a clearer portrayal, the Nigerian economy has been characterized comprehensively into the oil and non-oil areas."