Telecoms, Agric and Construction Sectors Drive Q1 2019 Real Output Growth by 2.01% Y-o-Y.

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• Nigeria’s real Gross Domestic Product grew year-on-year (y-o-y) by 2.01% to N16.42 trillion in Q1 2019, but slower than 2.38% growth to N19.04 trillion registered in Q4 2018.

The non-oil sector which accounted for the improved GDP number grew y-o-y by 2.47% to N14.92 trillion. This was majorly attributed to the 9.48% growth withnessed in ICT sector to N2.19 trillion (of which telecoms share of GDP constituted 10.11%).

• In addition, the Agricultural and Construction sectors revved by 3.17% and 3.18% respectively to N3.60 trillion and N0.67 trillion respectively from the N3.49 trillion and N0.65 trillion printed in Q1 2018.

• However, Oil & Gas sector contracted y-o-y by 2.40% to N1.50 trillion in Q1 2019 (a reversal from the 14.02% rise in Q1 2018). This was chiefly due to the drop in crude oil price in the quarter under review. Quarterly average crude oil price fell to USD64.60 per barrel in Q1 2019 from USD67.70 in Q1 2018.

• On a quarter-on-quarter basis, the 13.77% decline in economic growth was adduced to the 15.69% decline in non-oil sector, despite the significant growth of 11.60% printed in oil & gas sector in the quarter under review. The improved 2.01% y-o-y real GDP growth was reflective of improved business sentiment and investments in an environment of fabourable monetary policies and macroeconomic variables, particularly exchange rate and inflation rate. Furthermore, we expect growh to improve in the Q2 2019

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Joseph Afam (Local Contents and Partnership Editor) (070 3949 0464) Joseph Afam is a energy and finance journalist, who has years of experience in journalism, he started his journalism career in Nigeria’s top financial newspaper in Lagos. He’s a graduate of Economics and Finance from University of Ebonyi State, Nigeria He has won series of awards and regconitions Contact him for any editorial deals and advertorial issues on # Joseph.Afam@naija247news.com, editor@naija247news.com, Cell: 070 3949 0464

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