Nigeria’s GDP grew 2.38 percent in Q4 of 2018, what you need to know

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LAGOS (Reuters) – Nigeria’s gross domestic product grew 2.38 percent in the last quarter of 2018 compared with 2.11 percent in the same quarter a year before, the National Bureau of Statistics said on Tuesday.

Nigeria’s economy emerged from recession in 2017 and has been recovering largely because of higher oil prices, though growth remains fragile. Gross domestic product grew by 1.93 percent overall in 2018, more than the 0.82 percent in 2017, the statistics office said.

A Reuters poll of analysts had forecast median growth of 2.1 percent for the Nigerian economy, saying growth was expected to slow as investors hold off before 2019 elections.

Nigerians vote on Saturday for a new president. Incumbent Muhammadu Buhari is hoping his record on corruption, security and boosting the economy can secure him a second four-year term in office.

The government had projected 2 percent growth for 2018. The World Bank has said Nigeria’s economy will grow slightly less than 2 percent this year as the approach of elections keeps foreign investors away.

Reporting by Chijioke Ohuocha; editing by Larry King

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