Nigeria sets record; economy grows by 2.3% in Q4 of 2019

Nigeria sets record; economy grows by 2.3% in Q4 of 2019

- Nigeria recorded an economic growth rate of 2.3% in the fourth quarter of the year 2019, which is the best in recent years

- In the preceding year, the economy's growth rate for the same period was 1.9%

- The country's oil sector and the non-oil sectors recorded growth rates of 6.36% and 2.26% respectively

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Nigeria’s economy recorded a growth of 2.3% in the fourth quarter of the year 2019, has learned.

This is higher than the 1.9% growth rate recorded in the year 2018 in the same period.

The data, released by the National Bureau of Statistics(NBS), indicated that the overall Gross Domestic Product (GDP) was in line with predictions released by the African Development Bank (AfDB).

READ ALSO: Sim Shagaya: Nigerian innovator fixes educational sector with unique technology

Information available shows that it also comes at a time when President Muhammadu Buhari implemented an Economic Recovery and Growth Plan.

Business Insider reports that in the fourth quarter of the year 2019, Nigeria’s GDP grew by 2.55% (year-on-year) in real terms. This is the highest growth rate recorded since the 2016 recession.

This represents the highest growth the country has experienced since the 2016 depression.

The NBS report showed that the 2.55% growth rate is 0.17% more than the 2018 rate of 2.38% and an increase of 0.27% points when compared with the third quarter of 2019.

Nigeria set record economy grows by 2.3% in Q4 of 2019
Source: Business Insider
Source: UGC

It has also been confirmed that Nigeria’s oil sector grew by 6.36% and the non-oil sector recorded a 2.26% growth.

The agricultural sector also grew by 2.31% in the fourth quarter, which was a decrease of 0.14 percentage points from the same period in 2018.

In other news, a Kenya-based B2B e-commerce startup, Sokowatch, is set to revolutionize the African supply-chain industry with a focus on informal retailers.

READ ALSO: World Bank announces plans to fund 6 Nigerian developmental projects in 2020

Sokowatch raised $14 million in funding and has created a platform that connects merchants with local and multinational suppliers.

The suppliers include business giants such as Unilever and Proctor and Gamble, and Sokowatch’s plan is to digitize orders, payments and logistics.

Per a report by, Sokowatch, which was launched in 2016, raised a $2 million seed round in 2018.

It has since then expanded into other African countries such as Rwanda, Tanzania and Uganda. The chief executive officer (CEO), Daniel Yu, has hinted that Sokowatch intends to soon broaden its clients base from working-capital to data-analytics and target new African markets.

The business has also revealed plans of using its infrastructure to enter into business-to-consumer online retail in the near future.

In other news, the Bank of Ghana has introduced a platform with which commercial banks can trade in real-time.

The decision, according to the Central Bank, is in line with measures to help stabilize the cedi against its major trading currencies.

READ ALSO: Bank of Ghana launches real-time platform to help with inter-bank forex transactions

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