Nigeria’s GDP Shrinks to 2.01 per cent in Q1 2019

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•Oil production rises to 1.96mbpd
•Rewane, others seek economic plan

James Emejo in Abuja and Nume Ekeghe in Lagos

Nigeria’s brittle economy slowed to 2.1 percent in the first quarter of 2019 (Q1, 2019), according to data released yesterday by the National Bureau of Statistics (NBS).
The nation’s economy, measured by Gross Domestic Product (GDP) growth rate, fell from the 2.38 per cent growth rate of the fourth quarter of 2018.

The economy’s performance fell below the three per cent growth rate projected by the Central Bank of Nigeria (CBN).
However, when compared to the Q1 2018 performance, where real GDP growth rate stood at 1.89 per cent, the Q1 2019 growth represented an increase of 0.12 percentage points, the NBS said.

The sluggish GDP growth has prompted analysts, including the Chief Executive Officer, Financial Derivatives Company Limited, Mr. Bismarck Rewane, to call for a review of Nigeria’s economic management strategy.

Source: Thisday Newspaper