Naira Appreciates Against Dollar

Nigeria’s economic growth expanded slower than expected in the first quarter of 2019, according to the National Bureau Statistics (NBS).

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A statement by the NBS on Monday noted that GDP grew by 2.01 per cent in real terms in the first quarter, compared to 2.38 per cent in the fourth quarter of 2018.

Recall that the World Outlook Update released in January by the International Monetary Fund had revised down Nigeria’s Gross Domestic Product (GDP) projection for this year to two per cent from the 2.3 per cent projected in October 2018.

And when compared to the first quarter of 2018 which had a real GDP growth rate of 1.89 per cent, the Q1 2019 growth rate is a rise of 0.12 per cent points.

“It is worth noting that general elections were held across the country during the first quarter of 2019 and this may have reflected in the strongest first-quarter performance observed since 2015,” the NBS noted.

“Aggregate GDP stood at N31.79tn in nominal terms. This aggregate was higher than in the first quarter of 2018 which recorded N28.44tn, representing a year-on-year nominal growth rate of 11.80 per cent.

“The aggregate was, however, lower than in the preceding quarter of N35.23tn, by -9.75 per cent.”