Nigerian Economy at 2.28% growth

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Lagos, Nigeria: Lagos Island, the city's central business district, on the waterfront along Lagos Lagoon - view over Adeniji Adele Road and New Marina Road - Lagos corniche.

Nigeria’s real Gross Domestic Product (GDP) grew by 2.28% (year-on-year) in the third quarter of 2019. This is as contained in the quarterly report by the Nigerian Bureau of Statistics. The growth in the third quarter of 2019 is 0.47% points higher when compared to the third quarter of 2018 which recorded a growth of 1.81%.

Relative to the second quarter of 2019, which recorded a growth rate of 2.12%, Q3 2019 represents an increase of 0.17% points. On a quarter on quarter basis, however, real GDP grew by 9.23%. The growth rate in Q3 2019 represents the second highest quarterly rate recorded since 2016 – as contained in the report

The current aggregate GDP according to the Q3 report stands at N37,806,924.41 million in nominal terms. This performance is higher compared to the aggregate of N33,368,049.14 million recorded in the third quarter of 2018, representing a year on year nominal growth rate of 13.30%. The growth rate is, however, lower relative to rates recorded in the third quarter of 2018 by –0.28% points and the rates recorded in the preceding quarter by –0.71% points.

With a daily production of 2.04 million barrels per day (mbpd), the oil sector grew by 6.49% (year-on-year) in Q3 2019 indicating an increase of 9.40% points relative to rate recorded in the corresponding quarter of 2018.  The rate was lower by –0.68% points when compared to Q2 2019 which was 7.17%.* Quarter-on-Quarter, the oil sector recorded a growth rate of 18.88% in Q3 2019. The sector contributed 9.77% to total real GDP in Q3 2019, up from figures recorded in the corresponding period of 2018 as well as the preceding quarter, when it accounted for 9.38% and 8.98% respectively.

The non-oil sector driven by the Information and Communication sector, grew by 1.85% in real terms during the reference quarter. This is –0.48% points lower when compared to the rate recorded in the same quarter of 2018. This is however 0.20% points higher than the second quarter of 2019. In real terms, the Non-Oil sector contributed 90.23% to the nation’s GDP, slightly lower than the share recorded in the third quarter of 2018 (90.62%), and in the second quarter of 2019 (91.02%).

The Agriculture Sector recorded a positive growth of 2.28% which is 0.49% difference from the 1.79% growth in the Q2 2019 and 0.37% difference from the 1.91 growth recorded in Q3 2018

The Information and Communication which is the driver of the Q3 2019 growth in the non-oil sector, grew by 11.19% (year-on-year), a –2.21% points decrease from the rate of 13.40% recorded in the same quarter of 2018, and –29.35% points lower than the rate recorded in the preceding quarter. The Quarter on quarter growth rate recorded in the Q3 was –33.30%.

The sector contributed 8.54% to nominal GDP in Q3 2019, lower than the 8.70% recorded Q3 2018 and the 13.83% it contributed in the preceding quarter.

In real terms, the sector grew by 9.88% (year on year) indicating –2.21% points from Q3 2018 rate. Quarter on quarter, the sector exhibited a growth rate of –14.89% in real terms.

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