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The National Bureau of Statistics (NBS) has reported that Nigeria’s Gross Domestic Product (GDP) grew by 1.50 percent year-on-year in the second quarter of 2018, slower than the 1.95 percent recorded in the previous quarter. However, compared to Q2 of 2017, the GDP increased by 0.79 percent.

According to the Nigerian Gross Domestic Product Report for Q2 2018 report released today, aggregate GDP in nominal terms stood at N30.69 trillion. This represents a 7.85 percentage points increase in nominal GDP when compared to the preceding quarter (N28.46 trillion), and 13.57 percentage points increase when compared to the corresponding quarter of 2017 (N27.03 trillion).

Growth in Q2 2018, according to the report, was driven by the non-oil sector as the services sector recorded its strongest positive growth since 2016. The services sector accounted for 53.97 percent of real GDP, while industries and agriculture contributed 23.18 percent and 22.86 percent to the real GDP, respectively.

The non-oil sector grew by 2.05 percent in real terms during the period under review, representing a 1.29 percentage points increase when compared to Q1 2018, and 1.60 percentage points increase compared to the rate recorded in the corresponding quarter of 2017.

In real terms, the non-oil sector contributed 91.45 percent to the country’s GDP, compared with 90.96 percent recorded in Q2 2017 and 90.39 percent recorded in the preceding quarter.

The report states that the average daily oil production recorded during the quarter under review was 1.84 million barrels per day (mbpd), lower than the 1.87 mbpd recorded in the corresponding quarter of 2017 and the 2.0 mbpd recorded in the preceding quarter.

Real growth of the oil sector was -3.95 percent, y/y, while, q/q, the growth stood at -8.34 percent.

Crude oil price (BRENT), according to the report, maintained a steady rise, from $65.32 per barrel in January to $76.98 in May, and then eased at $74.4 per barrel in June.