In the fourth quarter, ending December 2019, the Nigerian Gross Domestic Product (GDP) grew by 2.55% (year-on-year) in real terms, the highest growth rate since the 2016 recession.
The National Bureau of Statistics (NBS) stated this in its Q4 & Full Year 2019 GDP report released on Monday, February 24th, 2020, in Abuja, the nation's capital.
According to the report, when compared to the 2.38% growth rate in the fourth quarter of 2018, this represents an increase of 0.17% points and an increase of 0.27% points when compared with the third quarter of 2019.
The current GDP figures cut short of various powerhouses' predictions of sluggish growth. World Bank had estimated Nigerian economy to edge up to 2.0%, harped on the not-too-conducive macroeconomic framework while IMF projected a 2.1% growth in GDP in 2019.
The GDP figure was in line with AfDB's prediction which was harped on the implementing of President Muhammadu Buhari's Economic Recovery and Growth Plan.
Oil sector grew by 6.36%
According to the NBS, the oil sector grew by 6.36% on a year on year basis in the fourth quarter with an average daily oil production of two million barrels per day during the quarter.
“Real growth of the oil sector was 6.36% (year-on-year) in Q4 2019 indicating an increase of 7.98% points relative to the rate recorded in the corresponding quarter of 2018. Growth decreased by 0.13% points when compared to Q3 2019 which was 6.49%.
“The oil sector contributed 7.32% to total real GDP in Q4 2019, up from figures recorded in the corresponding period of 2018 but down compared to the preceding quarter, where it contributed 7.06% and 9.77% respectively. Oil contributed 8.78% to real GDP in 2019."
The non-oil sector grew by 2.26%
“The non-oil sector grew by 2.26% in real terms during the reference quarter (Q4 2019). This was lower by 0.44% points compared to the rate recorded in the same quarter of 2018 but 0.42% point higher than the third quarter of 2019.”
On a year-on-year basis, the agricultural sector grew by 2.31% in the fourth quarter, a decrease of 0.14 percentage points from the corresponding period of 2018, but an increase of 0.03 percentage points from the third quarter of 2019.