Samuel Bello, Abuja
The National Bureau of Statistics (NBS), said the nation recorded a growth of 1.92 per cent in its Gross Domestic Product (GDP) in the fourth quarter (Q4) of 2017, while maintaining its positive growth trajectory since the economy exited recession in the second quarter of 2017.
In its Q4 report released on Tuesday in Abuja, NBS stated that the growth compared to a contraction of –1.73 per cent recorded in the fourth quarter of 2016 and a growth of 1.40 per cent recorded in the third quarter of 2017.
According to the bureau, 2017 recorded a real annual growth rate of 0.83 per cent higher by 2.42 per cent than –1.58 per cent recorded in 2016.
“In the quarter under review, aggregate GDP stood at N31,209,137.74 million in nominal terms and higher when compared to N29,169,058.99 million in Q4 2016, resulting in a nominal GDP growth of 6.99 per cent. This growth is lower relative to growth recorded in Q4 2016 at 12.49 per cent.
The bureau reported that in the period under review, oil production averaged 1.91 million barrels per day (mbpd), -0.12 million barrels lower than the daily average production recorded in the third quarter of 2017.
It added that oil production during the quarter was higher by 0.15 million barrels per day relative to the corresponding quarter in 2016, which recorded an output of 1.76mbpd.
In term of contribution, NBS stated that the oil sector contributed 7.17 per cent of total real GDP in the fourth quarter of 2017, up from figure recorded in the corresponding period of 2016 and down from the preceding quarter, where it contributed 6.75 per cent and 10.04 per cent respectively.
“Quarter-on-Quarter, the oil sector dropped by–25.52 per cent in Q4 2017. The annual growth of the oil sector stood at 4.79 per cent higher than the previous year’s growth of –14.45 per cent.
The statistics office also reported that the mining and quarrying sector contributed 8.30 per cent to overall GDP in the fourth quarter of 2017, higher than the contributions recorded in 2016 fourth quarter at 6.70 per cent but lower than the previous quarter recorded as 11.17 per cent. It’s annual contribution to GDP in 2017 stood at 9.22 per cent as against 5.39 per cent in 2016.