Manufacturing declines as 2.27% GDP growth surpasses IMF projection

27 per cent, according to the NBS, represents an increase of 360 basis points over the growth rate of 1.91 per cent recorded in 2018.But the 2.27 per cent growth rate recorded by the economy in 2019 surpassed the growth projection of 2.1 per cent by the IMF.

The report reads in part, “Nigeria’s GDP grew by 2.55 per cent year-on-year in real terms in the fourth quarter of 2019. However, it said the two million barrels per day was 0.04 mbpd lower than the production volume of 2.04 mbpd recorded in the third quarter of 2019. Quarter-on-Quarter, the report stated that the oil sector recorded a growth rate of –20.87 per cent in the fourth quarter of 2019.

“The mining and quarrying sector contributed 6.86 per cent to overall GDP in Q4 2019, higher than the contributions recorded in Q4 2018 but lower than the preceding quarter .” For the construction sector, the NBS report said the sector grew by 43.72 per cent in nominal terms year on year in the fourth quarter 2019, a drop of 14.79 percentage points compared to the rate of 58.51 per cent recorded in the same quarter of 2018.

Ethiopia made 9.0%

Fake news

Oloshi!!! They touch light the negative aspect of the entire report.

Nigeria Latest News, Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Court Fixes March 27 For Ruling In EFCC $54,000 Forfeiture Case | Sahara ReportersCourt Fixes March 27 For Ruling In officialEFCC $54,000 Forfeiture Case | Sahara Reporters The anti-graft agency told Justice Muslim Hassan that the funds were reasonably suspected to be proceeds of cyberfraud. READ MORE: officialEFCC Hmmm
Source: SaharaReporters - 🏆 9. / 63 Read more »

StackPath
Source: LeadershipNGA - 🏆 4. / 77 Read more »

Nigeria’s economy grows by 2.27% in 2019—NBS – Daily TrustNigeria’s economy grew by 2.27% in 2019, up from the 1.91% recorded in 2018. The Gross Domestic Product (GDP) report released Monday by the National Bureau of Statistics (NBS) showed that Nigeria’s economic growth rate in 2019 out-performed the 2.1% projected by the International Monetary Fund (IMF). Analysis showed that quarter on quarter, real GDP … One of the slowest recovery rate in history.
Source: Daily Trust - 🏆 13. / 51 Read more »

BREAKING: Nigeria’s economy grew by 2.27% in 2019 – NBSI'm sure it's Spiritual growth We hope to see more growth in 2020. We also sincerely hope this growth reflects on the masses. Which economy? Is it spiritual economy or the one in setting up ministry of repentant boko haramist?
Source: MobilePunch - 🏆 8. / 63 Read more »

Nigeria’s economy grew by 2.27% in 2019 – NBS
Source: MobilePunch - 🏆 8. / 63 Read more »

Italy coronavirus cases surpass 100 as towns put on lockdown
Source: MobilePunch - 🏆 8. / 63 Read more »