Nigeria’s gross domestic product (GDP) grew by nearly 2 per cent last year, data from the National Bureau of Statistics reveals.
According to the NBS, the country’s GDP grew by 1.93% in 2018, in a report released Tuesday morning.
According to the report, the fourth quarter GDP grew by 2.38% as against the 1.81% recorded in the third quarter.
Gross domestic product is the total value of everything produced in the country. It doesn’t matter if it’s produced by citizens or foreigners. If they are located within the country’s boundaries, their production is included in GDP.
It is the fourth consecutive quarter of expansion, as the oil sector continued to rise while the non-oil output growth slowed.
Nigeria did not make the list of top 10 fastest growing economy, which includes, Ghana, Ethiopia, India, Côte d’Ivoire, Djibouti, Cambodia, Bhutan, Senegal, Tanzania, and Philippines.