Nigeria records highest quarterly GDP growth since 2016 recession

440 views | Emmanuel Anthony | February 25, 2020

Nigeria’s Gross Domestic Product (GDP) has recorded a growth of 2.55 percent (year-on-year) in real terms in the fourth quarter of 2019, the highest since the recession in 2016.

This was made public in the latest report released by the National Bureau of Statistics (NBS) on Monday.

The figure shows an increase of 0.17 percent points compared to the fourth quarter of 2018 which recorded a growth rate of 2.38 percent.

According to the data agency, the GDP growth also represents an increase of 0.27 percent points when compared with the third quarter of the year under review.

“The strong fourth quarter 2019 growth rate also represented the highest quarterly growth performance since the 2016 recession.

“Overall, this resulted in an annual 2019 real growth rate of 2.27%, compared to 1.91% in 2018. Quarter on quarter, real GDP growth was 5.59%,” the report stated.

In the last quarter of 2019, the NBS said the nation’s aggregate GDP stood at N39,577,340.04 million in nominal terms.

It explained that this was higher than the fourth quarter of 2018 which recorded an aggregate of N35,230,607.63 million, representing year on year nominal growth rate of 12.34 percent.

The agency stressed that the rate was –0.31 per points lower relative to the rate recorded in the fourth quarter of 2018, and –0.96 percent points lower than the rate recorded in the preceding quarter.

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