Quote:Ifeanyi Onuba, Abuja



The National Bureau of Statistics on Monday released the Gross Domestic Product growth rate for the second quarter of this year , with the economy recording a decline in performance from 1 . 95 per cent in the first quarter to 1 . 5 per cent.

The bureau , in the report which was made available to our correspondent , said the second quarter growth rate was constrained by contractions in oil GDP.

It said oil GDP contracted by - 3 . 95 per cent in the second quarter, as against 14.77 percent in the first quarter of this year and 3.53 percent in the second quarter of 2017 .

The report said for the first time since Nigeria’ s exit from recession , growth was driven by the non - oil sector , which grew by 2 . 05 per cent , representing the strongest growth in non - oil GDP since the fourth quarter of 2015 .

The 2 . 05 per cent growth rate is higher than the 0 . 76 per cent growth which the sector recorded in the first quarter of this year .

It added that non - oil GDP growth which was 0 . 72 per cent in the first quarter of 2017 , 0 . 45 per cent , - 0 . 76 per cent , 1 . 45 per cent in the second , third and fourth quarters of 2017 grew by 2.05 per cent in the second quarter of this year .

The report added , “ Non - oil growth was driven by transportation which grew by 21.76 percent supported by growth in construction which grew by 7.66 percent and electricity which grew by 7.59 percent.

“ Other non - oil sectors that drove growth in Q 2 2018 include telecommunication which grew by 11. 51 per cent , water supply and sewage which grew by 11. 98 per cent and broadcasting which grew by 21. 92 per cent.

“ The non oil sector performance was however constrained by agriculture that grew by 1 . 3 per cent compared to three per cent in Q 1 2018 and 3 . 01 per cent in Q 2 2017. ”