NIGERIAN GDP UP 0.83% IN 2017-- NBS

According to the National Bureau of Statistics, Nigeria's real gross domestic product ( GDP) grew by 0.83% out of 2016 recession as fourth quarter growth came to 1.92%.

The NBS in its fourth quarter 2017 GDP report released today, after contracting by 0.91% in 2017 first quarter, the GDP managed 0.72% growth in second quarter before third quarter's 1.4% increase.

Thus, quarter four confirmed recovery from recession which began in quarter four 2016 with a lower 1.73% contraction compared to quarter three's 2.34% drop.

In the end, annual GDP dropped for the first in years by 1.58% in 2016 after the peak since 2011 of 6.22% growth in 2014 and reduced growth of 2.79% in 2015.

What also becomes very clear from the report is the fact that Nigerian economy continues to swing up and down with international crude oil prices and domestic production of oil and gas.

The oil portion of the GDP slumped by 23.04% quarter three 2016 to herald the bottom hit in that quarter and the slow recovery since had been engendered by reduced 17.70% drop in 2016 fourth quarter; 15.6% in 2017 first quarter before the quarterly growth recorded since then.

In quarter two 2017, oil GDP growth was 3.63% then it 25.89% rise in quarter three before slowing into 8.38% in quarter four.

The cheery news though is that since first quarter 2017, growth in the non-oil GDP has been positive each quarter and at rising % growth before hitting 1.45% growth in 2017 fourth quarter.

Decoded: driven by crop production, construction, transportation and storage and Electricity generation and gas production, non oil sector has been edging forward since 2016 bottom.

Hence, says the NBS, industry ended 2017 with 2.19% growth in 2017 compared to 8.85% decline in 2016 and agriculture grew by 3.45% in 2017 although slightly lower than 2016's 4.11% growth.

According to the NBS, the nominal GDP was N31.58tr in 2017 quarter four while the real GDP came to N18.79 tr.

However, it must be stated as well that none of the sectoral growth rates or rebound by the economy comes near yet to the nation's population growth rate or growth in unemployment rate.

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