NESG GDP Alert, The Nigerian Economic Summit Group
Jul 2019

The Nigerian economy expanded by 2.4% in 2018Q4 and 1.9% in full year 2018 The Nigerian economy expanded in the fourth quarter as real gross domestic product (GDP) grew by 2.4%. This represents an improvement when compared with 2.1% growth recorded in the fourth quarter of 2017 and 1.8% in the third quarter of 2018. For the full year of 2018, GDP (economic output) grew by 1.9%, performing better than 2017, where growth was 0.8%. In nominal terms, the value of goods and services produced in the economy in 2018 was N129 billion (2017:N114.9 billion). As in previous years, the non-oil sector accounted for 91% of total GDP in 2018.