{"id":15011,"date":"2019-09-03T15:01:40","date_gmt":"2019-09-03T15:01:40","guid":{"rendered":"https:\/\/www.africa-press.com\/nigeria\/?p=15011"},"modified":"2019-09-03T15:01:40","modified_gmt":"2019-09-03T15:01:40","slug":"nigerias-economic-growth-slows-down-in-second-quarter","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/nigeria\/all-news\/nigerias-economic-growth-slows-down-in-second-quarter","title":{"rendered":"Nigeria\u2019s economic growth slows down in second quarter"},"content":{"rendered":"

Nigeria\u2019s economy<\/a> grew year-on-year in the second quarter of 2019 by 1.94%, riding on the back of stable oil prices to push the half-year (H1) growth to 2.02%, Nigeria\u2019s bureau of statistics said on Tuesday.<\/p>\n

However, when compared to 2.10% recorded in the first quarter of 2019, the Q2 real growth rate indicates a decline of 0.16% point.<\/p>\n

The decline in Q2 may be due to the dip in crude oil production. Production slowed to 1.98 million per day as against 1.99 million recorded in the preceding quarter.<\/p>\n

The oil sector grew by 5.15% while the non-oil saw a 1.64% increase during the quarter.<\/p>\n

The statistics office said the growth in the non-oil sector was driven by information and communication, agriculture, mining and transportation sectors.<\/p>\n

However, the Q2 growth is good enough to push growth in H1 of 2019 up by 0.33% more than the 1.69% recorded for the half-year of 2018.<\/p>\n

During the quarter, aggregate GDP stood at N34,944,151.61 million in nominal terms, an increase of 13.83% over the performance in the second quarter of 2018 and 9.8% over the preceding quarter.<\/p>\n

Quarter on quarter, real GDP increased by 2.85% compared to a decline of \u201313.69% in the preceding period.<\/p>\n

The performance observed in Q2 2019 follows an equally strong first-quarter performance and was likely aided by a successful political transition.<\/p>\n

Nigeria\u2019s central bank projected a 3% growth for the economy in 2019. But the country has been unable to grow beyond 3% in the last four years.<\/p>\n","protected":false},"excerpt":{"rendered":"

Nigeria\u2019s economy grew year-on-year in the second quarter of 2019 by 1.94%, riding on the back of stable oil prices to push the half-year (H1) growth to 2.02%, Nigeria\u2019s bureau of statistics said on Tuesday. However, when compared to 2.10% recorded in the first quarter of 2019, the Q2 real growth rate indicates a decline […]<\/p>\n","protected":false},"author":62,"featured_media":1356,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,15],"tags":[321,105,342,228],"class_list":["post-15011","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-agriculture","tag-economy-of-nigeria","tag-gdp","tag-oil-production"],"yoast_head":"\nNigeria\u2019s economic growth slows down in second quarter - Nigeria<\/title>\n<meta name=\"description\" content=\"Nigeria\u2019s economy grew year on year in the second quarter of 2019 by 1.94%...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/nigeria\/all-news\/nigerias-economic-growth-slows-down-in-second-quarter\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Nigeria\u2019s economic growth slows down in second quarter\" \/>\n<meta property=\"og:description\" content=\"Nigeria\u2019s economy grew year on year in the second quarter of 2019 by 1.94%...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/nigeria\/all-news\/nigerias-economic-growth-slows-down-in-second-quarter\" \/>\n<meta property=\"og:site_name\" content=\"Nigeria\" \/>\n<meta property=\"article:published_time\" content=\"2019-09-03T15:01:40+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/upload\/sites\/3\/2018\/12\/The-global-economy-678x381.png\" \/>\n\t<meta property=\"og:image:width\" content=\"678\" \/>\n\t<meta property=\"og:image:height\" content=\"381\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"alico\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"alico\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/all-news\/nigerias-economic-growth-slows-down-in-second-quarter#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/all-news\/nigerias-economic-growth-slows-down-in-second-quarter\"},\"author\":{\"name\":\"alico\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/50afd2ef4f0e900bd0a176404a8484a7\"},\"headline\":\"Nigeria\u2019s economic growth slows down in second quarter\",\"datePublished\":\"2019-09-03T15:01:40+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/all-news\/nigerias-economic-growth-slows-down-in-second-quarter\"},\"wordCount\":238,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/all-news\/nigerias-economic-growth-slows-down-in-second-quarter#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/upload\/sites\/3\/2018\/12\/The-global-economy-678x381.png\",\"keywords\":[\"agriculture\",\"Economy of nigeria\",\"GDP\",\"Oil Production\"],\"articleSection\":[\"all news\",\"Economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/nigeria\/all-news\/nigerias-economic-growth-slows-down-in-second-quarter#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/all-news\/nigerias-economic-growth-slows-down-in-second-quarter\",\"url\":\"https:\/\/www.africa-press.net\/nigeria\/all-news\/nigerias-economic-growth-slows-down-in-second-quarter\",\"name\":\"Nigeria\u2019s economic growth slows down in second quarter - 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