In 2019, the International Monetary Fund (IMF) had projected that the Nigerian economy would take an upturn of 2.1
The report states that in the fourth quarter of 2019, the economy grew by 2.55%.
The report states, “Nigeria’s Gross Domestic Product (GDP) grew by 2.55% (year-on-year) in real terms in the fourth quarter of 2019.
“Compared to the fourth quarter of 2018 which recorded a growth rate of 2.38%, this represents an increase of 0.17% points and an increase of 0.27% points when compared with the third quarter of 2019.
“The strong fourth quarter 2019 growth rate also represented the highest quarterly growth performance since the 2016 recession.
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“Real growth of the oil sector was 6.36% (year-on-year) in Q4 2019 indicating an increase of 7.98% points relative to the rate recorded in the corresponding quarter of 2018. Growth decreased by –0.13% points when compared to Q3 2019 which was 6.49%.
“The oil sector contributed 7.32% to total real GDP in Q4 2019, up from
“The non-oil sector grew by 2.26% in real terms during the reference quarter (Q4 2019). This was lower by –0.44% points compared to the rate recorded in the same quarter of 2018 but 0.42% point higher than the third quarter of 2019.”
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