By Oladeinde Olawoyin

Nigeria’s Gross Domestic Product (GDP) slowed in the second quarter of 2018, the National Bureau of Statistics, NBS, said on Monday.

According to details of the Nigerian Gross Domestic Product Report (Q2 2018 ) released by the bureau on Monday, growth in Q2 2018 was -0.45 percent points slower than 1.95 percent recorded in the first quarter of 2018.

However, growth was 0.79 percent points higher when compared to the second quarter of 2017 which recorded a growth of 0.72 percent.

The NBS said in the second quarter of 2018, the GDP grew by 1.50 per cent in real terms to N16.58 trillion. On a quarter on quarter basis, real GDP growth was 2.94 percent.

In the quarter under review, aggregate GDP stood at N30.69 trillion in nominal terms.

“For better clarity, the Nigerian economy can be classified broadly into the oil and non-oil sectors,” the report said.

“Broadly speaking, growth in Q2 2018 was driven by developments in the non-oil sector as Services sector recorded its strongest positive growth since 2016. However, the relatively slower growth when compared to Q1 2018 and Q2 2017 could be attributed to developments in both the oil and non-oil sectors.”