Nigeria GDP Grows – Q4, 2019.
The economy of Nigeria advanced 2.55% year-on-year in the fourth quarter of 2019 compared to an upwardly revised 2.28% rise in the previous period.
It was the strongest expansion since the third quarter of 2015, mainly driven by the oil sector (6.36% vs 6.49% in Q3), amid higher crude oil production (2.00 million barrels per day, up from 1.91 mbpd in the same period a year earlier) and more favorable prices.
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The non-oil sector increased 2.26%, quickening from a downwardly revised 1.84% advance in the prior period, boosted by telecommunications & information services (10.26% vs 12.16% in Q3), crop production (2.52% vs 2.41%), financial services (22.33% vs 0.61%) and manufacturing (1.24% vs 1.10%). On a quarterly basis, the GDP grew 5.59%, following a 9.23% expansion in the previous period.
In 2019, the economy expanded 2.27%, the most since 2015, and compared to 1.98% in 2018.