The National Bureau of Statistics in its Gross Domestic Product (GDP) Report for the first quarter of 2019, said Nigeria’s GDP grew by 2.01% in the first quarter, compared to 2.38% in the fourth quarter of 2018.
What is GDP?
It is one of the primary indicators used to gauge the health of a country’s economy, It represents the total dollar value of all goods and services produced over a specific time period, often referred to as the size of the economy.
Did anyone see this coming?
Yes, The International Monetary Fund had, in its World Economic Outlook Update released in January, revised down Nigeria’s Gross Domestic Product projection for 2019 to two per cent, from the 2.3 per cent projected in October 2018.
Any chance things would change soon?
Depends on what ‘soon’ means to you. Very few people expect economic policy to change soon under the tenure of president Muhammadu Buhari and the recently reappointed CBN Governor.
Big Picture: Sometime in 2017, the Nigerian government launched its “Economic Recovery and Growth Plan” (ERGP) with the hopes to turn the economic state of Nigeria around. However, the latest data from Nigeria’s statistics bureau (NBS) shows the plan isn’t working.