Nigeria’s National Bureau of Statistics (NBS), on Friday, published the GDP report for the third quarter ended September 2019, showing that the country’s economy grew by 2.28% in real terms, faster than the previous quarter’s 2.12%.
The half-year numbers represented an increase of 0.47% points from the upwardly revised 1.94% previously published, and 1.81% in Q3 2018.
In the quarter under review, aggregate GDP stood at N37.806tr in nominal terms, which is higher compared to the aggregate of N33.368tr 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. For better clarity, the Nigerian economy has been classified broadly into the oil and non-oil sectors.
On a quarter on quarter basis, however, real GDP grew by 9.23, representing the second-highest quarterly rate recorded since 2016.
In the period under review, the country recorded average daily oil production of 2.04m barrels per day (mbpd), its highest in more than three years, an output was 0.1mbpd higher than the daily average production of 1.94mbpd recorded in the same quarter of 2018, and 0.02mbpd higher than the revised oil production levels in Q2 2019 of 2.02mbpd.