Data released by the National Bureau of Statistics (NBS) showed that the Gross Domestic Product (GDP) growth of the economy slowed by 16 base points. 

According to figures published Tuesday, the economy increased in value by 1.94 percent when compared to the same period in 2018. 

The country grew by 1.50 percent in the second quarter of last year, indicating a 0.44 percentage growth between both periods.

However, there was a 2.10 percent growth in the first quarter of the year, when contrasted with the same time last year, indicating a slowdown. 

Growth for the first half of the year was set at 2.2 percent by the statistical hub.

Despite the best efforts of the presidency to strengthen the non-oil sector, this industry outpaced other aspects of the economy once more.

The fossil fuel industry grew by 5.15 percent, while the rest of the country’s economic makeup increased by 1.64 percent. 

Both broad economic classifications showed slowed growth on a quarter on quarter basis. 

The non-oil sector increased by 2.47 percent in Q1, while the oil sector manifested an expansion of 6.70 percent. This indicates a reduced growth of 0.83 percent for the non-oil side and 1.55 percent for the oil face of the economy.

The statistical bureau said the country’s aggregate GDP was N340.94bn, an increase of 13.83 percent.

The presidency has applied protectionist policies, depriving food importers of foreign exchange from the banking system, in a bid to strengthen its dollar supply. 

This may be caused by oil prices slipping down from the $60-70 bracket to the $50-60 bracket. 

In the long term, it also appears to be how the presidency intends to diversify the country’s revenue base.

 

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