Nigeria’s economy grows 0.17% to 2.28% in Q3 2019

Nigeria’s gross domestic product (GDP) grew by 2.28% in the third quarter of 2019, according data released by the National Bureau of Statistics (NBS) on Friday.

This is 0.17 percentage increase from the 2.12 percent revised GDP growth recorded in the second quarter.

The previous Q2 GDP figure released by the NBS was 1.94 percent.

According to the GDP report, the average daily oil production in the quarter was 2.04 million barrels per day (mbpd), its highest in more than three years.

Notwithstanding the increase in production volume, real GDP growth of the oil sector was 6.49 percent year-on-year. This is 0.68 percentage points lower than the 7.17 percent recorded in Q2.

“The non-oil sector grew by 1.85% in real terms during the reference quarter,” the report said.

“This is –0.48% points lower when compared to the rate recorded in the same quarter of 2018 but 0.20% points higher than the second quarter of 2019.

“During the quarter, the sector was driven mainly by the information and communication sector. Other drivers were agriculture, mining and quarrying, transportation and storage, and manufacturing.

“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%).

In the third quarter, the oil sector contributed 9.77 percent to the GDP while the non-oil sector contributed 90.23 percent.

Further breakdown showed that the agricultural sector contributed 29.25% to the GDP, industries contributed 22.17% and services contributed 48.59%