The slow growth is recorded in the first quarter after the oil sector contracted.
Compared to the first quarter of 2018, which recorded a real GDP growth rate of 1.89%, the first quarter 2019 growth rate represented an increase of 0.12% points. However, relative to the preceding quarter (fourth quarter of 2018), the real GDP growth rate declined by -0.38% points.
GDP growth in the oil sector was -2.40% in first quarter of 2019 indicating a decrease by -16.43% points relative to the rate recorded in the corresponding quarter of 2018.This shows a growth decreased by -0.79% points when compared to Q4 2018 which was -1.62%.
Nigeria’s economy emerged from a recession in 2017 and has been recovering largely due to higher oil prices, though growth remains fragile.