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Nigeria’s Economy Worsens As GDP Growth Falls To 1.9%
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Nigeria’s Economy Worsens As GDP Growth Falls To 1.9%

Austin Papi

The National Bureau Statistics (NBS) informed the media on Tuesday that the nation's economy has grown more slowly in the second quarter of 2019 than it had in the first quarter based on statistics and the survey carried out on September 2.

The Gross Domestic Product (GDP) growth rate fell to 1.94 per cent in the second quarter (Q2) from 2.10 per cent in the first quarter (Q1). The NBS also announced during the release that in the second quarter, the aggregate GDP stood at N34.94tn in nominal terms, at a solid increase of 13.83 per cent over the performance in the second quarter of 2018 and 9.8 per cent over the preceding quarter.

Bar chart of the Nation’s GDP
Bar chart of the Nation’s GDP

The NBS explained that the first quarter had been aided by the political transition and stable oil supply. It has also said that the GDP in Nigeria is expected to hit 500.00 USD billion by the end of this quarter, a big increment from the 397.30 billion US dollars the country had in GDP as at 2018.

"The performance observed in Q2 2019 follows an equally strong quarter performance, and was likely aided by stability in oil output as well as the successful political transition," NBS stated.