Nigeria Records 1.4% GDP Growth In Q3

Nigeria’s economy recorded a growth in its Gross Domestic Product (GDP) by 1.40 percent in the third quarter of 2017, according to data released by the National Bureau of Statistics (NBS).

This is the second consecutive positive growth since the country exited recession in the second quarter of this year.

In the data released on Monday, NBS said quarter on quarter, real GDP growth was 8.97 percent year-to-date Real GDP growth stands at 0.43 percent.

In the quarter under review, aggregate GDP stood at N29,451,303.99 million in nominal terms higher when compared to N26,537,651.01 million in Q3 2016, resulting in a Nominal GDP growth of 10.98 percent.

“This growth is 3.74 percent points higher than the rate recorded in the corresponding quarter of 2016 (–2.34 percent) and higher by 0.68 percent points from the rate recorded in the preceding quarter, which was revised to 0.72 percent from 0.55 percent (Q2 was revised following revisions by NNPC to oil output and hence led to revisions to Oil GDP),” the report stated.

“This growth is higher relative to growth recorded in Q3 2016 of 9.15 percent.”

Quarter-on-Quarter, the oil sector grew by 21.10 percent in Q3 2017, while the non-oil sector grew by -0.76 percent.

This sector was driven this quarter mainly by Agriculture, electricity, gas, steam and other services.

The agricultural sector grew by 3.06 percent in the third quarter of 2017 as against the 3.01 percent recorded in the second quarter of 2017.

In real terms, the Non-Oil sector contributed 89.96 percent to the nation’s GDP, lower than the share recorded in the third quarter of 2016 (91.91 percent) and in the second quarter of 2017 (90.96 percent).