30 July 2018 ( Lagos ) : According to the National Bureau of Statistics calendar, Q2’18 Gross Domestic (GDP) data is expected to be released today. Recovering oil production and expansion in agriculture have driven growth in recent quarters and though the pace remains slow, analysts expect another quarter of economic expansion —Vetiva: 1.6% y/y, Consensus: 2.0% y/y. 

The ongoing violence in food producing regions in the country is expected to limit agricultural output, and oil production likely declined by 100kb/d q/q in Q2’18 as a result of Force Majeure placed on key pipelines. Although Q1’18 performance was relatively below par—2.0% y/y growth vs 2.6% y/y consensus —analysts expect strengthening industrial output to boost growth. Overall, analysts still expect 2018 growth to come in at 1.9% y/y, outpacing 2017 growth of 0.9% y/y. 

Reporting for EasyKobo on Monday, 30 July 2018 in Lagos, Nigeria

Source: Vetiva Capital Management Limited