Nigerias gdp expands by 2 55 in q4 2019

According to the National Bureau of Statistics (NBS) of Nigeria, the country's Gross Domestic Product (GDP) grew by 2.55% in the fourth quarter (Q4) of 2019.

This represents a slight improvement from the 2.28% growth recorded in the third quarter (Q3) of 2019. The Q4 2019 GDP growth rate is also higher than the 2.13% growth recorded in the same quarter of the previous year.

The NBS attributed the growth to a combination of factors, including:

  1. A 14.1% growth in the agriculture sector, driven by increased production of crops such as rice, maize, and soybeans.
  2. A 5.1% growth in the industry sector, driven by increased production in the manufacturing, construction, and mining sectors.
  3. A 1.5% growth in the services sector, driven by increased activity in the financial, transportation, and communication sectors.

The Q4 2019 GDP growth rate is also higher than the 2.01% growth recorded in the same quarter of 2018, indicating a slight improvement in the country's economic performance.

Here is a breakdown of Nigeria's GDP growth rates for Q4 2019 and Q4 2018:

It's worth noting that while the Q4 2019 GDP growth rate is an improvement over the previous year, it is still below the country's potential growth rate, which is estimated to be around 3-4%. Therefore, there is still room for improvement in the country's economic performance.