Nigeria's GDP experiences growth boom: 2.3% in last quarter of 2019

Nigeria's GDP experiences growth boom: 2.3% in last quarter of 2019

- Nigeria recorded an economic growth rate of 2.3% in the fourth quarter of the year 2019, which is the best in recent years

- In the preceding year, the economy's growth rate for the same period was 1.9%

- The country's oil sector and the non-oil sectors recorded growth rates of 6.36% and 2.26% respectively

PAY ATTENTION: Click “See First” under the “Following” tab to see Briefly.co.za News on your News Feed!

Nigeria’s economy recorded a growth of 2.3% in the fourth quarter of the year 2019.

This is higher than the 1.9% growth rate recorded in the year 2018 in the same period.

The data, released by the National Bureau of Statistics(NBS), indicated that the overall Gross Domestic Product (GDP) was in line with predictions released by the African Development Bank (AfDB).

READ ALSO: Soweto shutdown: Residents protest over Eskom's electricity clampdown

Information available shows that it also comes at a time when President Muhammadu Buhari implemented an Economic Recovery and Growth Plan.

Business Insider reports that in the fourth quarter of the year 2019, Nigeria’s GDP grew by 2.55% (year-on-year) in real terms. This is the highest growth rate recorded since the 2016 recession.

This represents the highest growth the country has experienced since the 2016 depression.

The NBS report showed that the 2.55% growth rate is 0.17% more than the 2018 rate of 2.38% and an increase of 0.27% points when compared with the third quarter of 2019.

Nigeria set record economy grows by 2.3% in Q4 of 2019

Source: Business Insider
Source: UGC

It has also been confirmed that Nigeria’s oil sector grew by 6.36% and the non-oil sector recorded a 2.26% growth.

The agricultural sector also grew by 2.31% in the fourth quarter, which was a decrease of 0.14 percentage points from the same period in 2018.

Enjoyed reading our story? Download BRIEFLY's news app on Google Play now and stay up-to-date with major South African news!

Source: Briefly.co.za

Mailfire view pixel