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Nigeria’s GDP Falls to 1.95%

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By Joseph INOKOTONG

Nigeria’s Gross Domestic Product (GDP) grew by 1.95% (year-on-year) in real terms in the first quarter of 2018, but shows a decline of -0.16% when compared to 2.11% recorded in in the preceding quarter.
Data released Monday, by the National Bureau of Statistics (NBS) said the figure shows a stronger growth when compared with the first quarter of 2017 which recorded a growth of –0.91% indicating an increase of 2.87% points.
The NBS notef that quarter on quarter, real GDP growth was –13.40%.
In the first quarter of 2018, aggregate GDP stood at N28,464,322.01 million in nominal terms. This

performance is higher when compared to the first quarter of 2017 which recorded a nominal GDP

aggregate of N26,028,356.03 million thus, presenting a positive year on year nominal growth rate of 9.36%.

This rate of growth is however lower relative to growth recorded in Q1 2017 by –7.70% points at 17.06%

but higher than the proceeding quarter by 2.14% points at 7.22%. To give a clearer depiction, the Nigerian economy has been classified broadly into the oil and non-oil sectors.

The Information and Communication sector which is composed of the four activities of Telecommunications and Information Services; Publishing; Motion Picture, Sound Recording and Music Production; and Broadcasting also recorded impressive result within the quarter.

In nominal terms, the first quarter of 2018 saw the sector grow by 1.79% (year-on-year), a 7.25% points

decrease from the rate of 9.04% recorded in the same quarter of 2017. However, it is 2.34% points higher than rate recorded in the preceding quarter. The Quarter on Quarter growth rate was –3.58%. The Information and Communications sector contributed 10.64% to total Nominal GDP in the 2018 first quarter, lower than the rate of 11.43% recorded in the same quarter of 2017 but higher than the 10.04% it contributed in the preceding quarter.

The sector in the first quarter of 2018 recorded a growth rate of 1.58% in real terms, year on year. From the rate recorded in the corresponding period of 2017, there was a decline by 1.15% points. Quarter on Quarter, the sector exhibited a growth of –4.15% in real terms. Of total real GDP, the sector contributed 12.41% in 2018 first quarter, lower than in the same quarter of the previous year in which it represented 12.46% but higher than the preceding quarter, in which it represented 11.35%.

Nominal growth in the Arts, Entertainment and Recreation sector was 0.41% in first quarter 2018 (year-on-year), representing a decrease of 21.06% points relative to the same period a year earlier, and a decrease of 3.76% points compared with the preceding quarter. On a quarterly basis, growth was recorded at 31.51%, higher than quarter-on-quarter growth of Q4 2017 recorded at 9.54%. The activity contributed 0.28% to total nominal GDP in first quarter 2018, lower than the 0.31% it contributed in Q1 2017 and higher than 0.20% it contributed in fourth quarter of 2017.

In real terms, the activity grew by 0.30% year on year, which was lower than the rate recorded in Q1 2017 by 11.37% points, and lower by 3.24% points when compared with that of the preceding quarter. Quarter on Quarter, growth stood at 31.51% in real terms, higher than quarter-on-quarter growth recorded in Q4 2017 at 9.54%. Arts, Entertainment and Recreation contributed 0.29% to real GDP in Q1 2018, slightly lower than the 0.30% recorded one year before, but higher than 0.19% recorded in the fourth quarter of 2017 by Nigeria’s Gross Domestic Product (GDP) grew by 1.95% (year-on-year) in real terms in the first quarter of 2018. This shows a stronger growth when compared with the first quarter of 2017 which recorded a growth of –0.91% indicating an increase of 2.87% points. Compared to the preceding quarter, there was a decline of –0.16% points from 2.11%. Quarter on quarter, real GDP growth was –13.40%.

Still on the first quarter of 2018, aggregate GDP stood at N28,464,322.01 million in nominal terms. This

performance is higher when compared to the first quarter of 2017 which recorded a nominal GDP

aggregate of N26,028,356.03 million thus, presenting a positive year on year nominal growth rate of 9.36%.

This rate of growth is however lower relative to growth recorded in Q1 2017 by –7.70% points at 17.06%

but higher than the proceeding quarter by 2.14% points at 7.22%. To give a clearer depiction, the Nigerian economy has been classified broadly into the oil and non-oil sectors.

In the period under review, the nation recorded an average daily oil production of 2.0 million barrels per day (mbpd),higher than the daily average production recorded in the fourth quarter of 2017 by 0.05 mbpd.

Real growth of the oil sector was 14.77% (year-on-year) in Q1 2018. This represents an increase of 30.37% points relative to rate recorded in the corresponding quarter of 2017. Quarter-on-Quarter, the oil sector grew by 13.24% in Q1 2018.

The Oil sector contributed 9.61% to total real GDP in Q1 2018, up from 8.53% and 7.35% recorded in the Q1 2017 and Q4 2017, respectively.

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Dangote Refinery Boosts Fuel Exports as Gulf Refineries Shut Down

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By: Fabian Apechihin

The Dangote Petroleum Refinery has ramped up fuel exports to international markets amid widespread refinery shutdowns in the Middle East, industry sources confirmed.

A senior official at the $20bn Lagos-based plant told The PUNCH that the facility exported significant volumes of petrol (PMS), diesel (AGO), and aviation fuel (Jet A1) to foreign buyers in August, following earlier shipments in June and July.

The surge comes as Saudi Aramco and other regional producers face heavy maintenance schedules, tightening fuel supply. Aramco has already shut down two plants and plans further closures, including its 460,000 b/d Satorp refinery in Jubail for a 60-day turnaround in November–December. Kuwait and India are also scaling back capacity for maintenance and seasonal demand.

According to Argus Media, these shutdowns are pushing Gulf nations to import record volumes of gasoline, with Saudi Arabia and the UAE sharply increasing purchases from Europe and other markets in recent months.

While some reports pointed to operational constraints at Dangote’s 650,000 b/d facility, the company dismissed such claims, insisting production is on track to reach 700,000 b/d by December. Earlier this year, Aliko Dangote announced the refinery had sold two cargoes of jet fuel to Saudi Aramco and recently achieved exports of about 1 million tonnes of petrol between June and July.

“With Gulf refiners offline, Nigeria has now emerged as a net exporter of refined products,” Dangote said.

Analysts suggest the extended refinery outages in the Middle East will further strengthen demand for Dangote’s output, positioning the Nigerian plant as a key supplier in regional fuel markets.


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US Oil Exports to Nigeria, Others Fall to 3.3m bpd as Local Output Rises

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By: Fabian Apechihin

The United States’ crude oil exports to Nigeria and other African countries fell for the fifth consecutive month in July 2025, averaging 3.3 million barrels per day (bpd), the lowest level since March 2022.

The Organisation of Petroleum Exporting Countries (OPEC) disclosed this in its August 2025 Monthly Oil Market Report (MOMR), attributing the decline to weaker flows to Europe and Africa, particularly Nigeria, but without giving further details.

Industry analysts link the slowdown to the ramp-up of local refining capacity, especially the 650,000 bpd Dangote Refinery, which has reduced Nigeria’s reliance on imported crude, including from the US. Vanguard checks also show that crude importation has slowed further in recent months due to improved domestic production.

According to OPEC data, Nigeria’s crude oil output—excluding condensates—rose by 11 per cent year-on-year to 1.559 million bpd in July 2025, up from 1.386 million bpd in the same period of 2024. This marks the country’s highest monthly production level so far this year.

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) corroborated the figures, stating that overall output, including condensates, exceeded 1.8 million bpd in July.

Gbenga Komolafe, Chief Executive of the NUPRC, said the milestone was achieved through the agency’s “Project 1 MMBOPD Incremental” initiative, supported by a multi-stakeholder collaborative framework.

“We are glad to report that we crossed the 1.8 million bpd mark on peak production last month, with average production hovering at 1.78 million bpd,” Komolafe stated.

He added that the Commission is working to sustain production growth by optimising the Maximum Efficient Rate (MER) framework, improving produced water management, and aligning operational shutdowns and maintenance schedules to minimise disruptions.

“With these measures and continued collaboration, the presidential mandate on production increase is well within reach,” he said.


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NDYPC Hails Otuaro’s Reforms in Presidential Amnesty Programme

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• Lauds transparency, fairness in beneficiary selection and grassroots empowerment

• Says reforms align with Tinubu’s Renewed Hope Agenda, restore trust in Niger Delta

The Niger Delta Youths for Positive Change (NDYPC) has commended the Administrator of the Presidential Amnesty Programme (PAP), Dr. Dennis Otuaro, for what it described as bold, people-focused reforms that are restoring trust and delivering tangible benefits to the Niger Delta.

In a statement signed and issued by Comrade Elliott Yibakeni, after the conclusion of leadership training sessions with ex-agitator leaders in Abuja, the group said the PAP, once in urgent need of renewal, is now undergoing a transformation that reflects transparency, fairness, and accountability.

“At a time when public trust in institutions was waning, Dr. Otuaro has emerged as a symbol of credibility and transformation,” the statement read. “His visionary leadership is restoring integrity, empowering communities, and driving a sustainable development agenda that resonates with the aspirations of the Niger Delta.”

According to NDYPC, under Otuaro’s leadership, beneficiary selection has become fair and merit-based, ending years of favoritism and political interference. The group added that access to education, skills training, and empowerment opportunities, both locally and abroad, is now guided by equity and open competition.

The group highlighted several internal reforms, including improved staff welfare, strengthened professional capacity, and strict adherence to best practices in public procurement. These, it said, have made the PAP more efficient, responsive, and transparent.

NDYPC also praised Otuaro’s inclusive governance style, noting his sustained engagement with traditional rulers, women leaders, civil society organizations, and local communities. This approach, the group said, has strengthened peace-building efforts and deepened trust between the PAP and the people it serves.

In line with President Bola Ahmed Tinubu’s Renewed Hope Agenda, the PAP has maintained consistent payment of stipends to ex-agitators and extended direct support to vulnerable populations. NDYPC also applauded new healthcare interventions for ex-agitators facing health challenges.

The statement further commended the programme’s investments in scholarships, vocational training, and economic empowerment initiatives aimed at preparing Niger Delta youths for leadership, innovation, and sustainable livelihoods.

“Every decision reflects a deep commitment to public trust, responsible stewardship, and long-term development,” NDYPC stated. “Under Dr. Otuaro’s watch, the Niger Delta is rising stronger, united, and filled with renewed hope.”

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