Nigeria’s economy grew year-on-year in the second quarter of 2019 by 1.94%, riding on the back of stable oil prices to push the half-year (H1) growth to 2.02%, Nigeria’s bureau of statistics said on Tuesday.
However, when compared to 2.10% recorded in the first quarter of 2019, the Q2 real growth rate indicates a decline of 0.16% point.
The decline in Q2 may be due to the dip in crude oil production. Production slowed to 1.98 million per day as against 1.99 million recorded in the preceding quarter.
The oil sector grew by 5.15% while the non-oil saw a 1.64% increase during the quarter.
The statistics office said the growth in the non-oil sector was driven by information and communication, agriculture, mining and transportation sectors.
However, the Q2 growth is good enough to push growth in H1 of 2019 up by 0.33% more than the 1.69% recorded for the half-year of 2018.
During the quarter, aggregate GDP stood at N34,944,151.61 million in nominal terms, an increase of 13.83% over the performance in the second quarter of 2018 and 9.8% over the preceding quarter.
Quarter on quarter, real GDP increased by 2.85% compared to a decline of –13.69% in the preceding period.
The performance observed in Q2 2019 follows an equally strong first-quarter performance and was likely aided by a successful political transition.
Nigeria’s central bank projected a 3% growth for the economy in 2019. But the country has been unable to grow beyond 3% in the last four years.