By Dipo Olowookere
In the second quarter of 2019, the Gross Domestic Product (GDP) of Nigeria recorded a year-on-year growth of 1.94 percent in real terms. This is according to data released on Tuesday morning by the National Bureau of Statistics (NBS).
In the GDP figures of the stats office, the Q2 2019 growth was higher than the 1.50 percent rise achieved in the second quarter of 2018, indicating increase of 0.44 percentage points.
According to the NBS, when compared to 2.10 percent (revised from 2.01 percent due to oil output revisions) recorded in the first quarter of 2019, however, the Q2 2019 real growth rate indicates a decline of 0.16 percentage points.
It was further stated that during the quarter, aggregate GDP stood at N34.944 trillion in nominal terms, an increase of 13.83 percent over the performance in the second quarter of 2018 and 9.8 percent over the preceding quarter.
The performance observed in Q2 2019 follows an equally strong first quarter performance, and was likely aided by stability in oil output as well as the successful political transition.
Overall, a total of 15 activities grew faster in Q2 2019 relative to last year, while 13 activities had higher growth rates relative to the preceding quarter.
On a half year basis, real growth in the first half of 2019 stood at 2.02 percent, higher than in 2018 which was 1.69 percent. Quarter on quarter, real GDP increased by 2.85 percent compared with a decline of 13.69 percent in the preceding period.
Business Post reports that in the second quarter of this year, the oil sector posted a real growth rate of 5.15 percent year-on-year in Q2 2019, representing a 9.10 percent points increase relative to the rate recorded in the corresponding quarter of 2018. It also indicates an increase of 6.61 percent points when compared with Q1 2019(revised). Quarter-on-Quarter, the oil sector recorded a growth rate of 1.55 percent in Q2 2019. The sector contributed 8.82 percent to total real GDP in Q2 2019, up from levels recorded in the corresponding period of 2018 but down compared to the preceding quarter.
In Q2 2019, Nigeria recorded average daily oil production of 1.98 million barrels per day (mbpd), or 7.6 percent higher than the daily average production of 1.84mbpd recorded in the same quarter of 2018 but slightly less than output recorded in Q1 2019 (1.99mbpd (revised from 1.96 mbpd).
On the other hand, the non-oil sector grew by 1.64 percent in real terms during the reference quarter. This was 0.40 percent points lower than recorded in the same quarter of 2018, and 0.83% point lower than the first quarter of 2019.
During the quarter, the sector was driven mainly by information and communication, mining and quarrying, agriculture, transportation and storage, as well as other services.
In real terms, the non-oil sector contributed 91.18 percent to the nation’s GDP, lower than the share recorded in the second quarter of 2018 (91.45 percent) but higher than the first quarter of 2019, which stood at 90.78 percent.
Adedapo Adesanya