Nigeria’s Gross Domestic Product (GDP) grew by 1.81 per cent (year-on-year) in real terms in the third quarter of 2018.
The GDP report released on Monday by the National Bureau of Statistics (NBS) showed that when compared to the third quarter of 2017 which recorded a growth of 1.17 per cent, there was an increase of 0.64 per cent points.
Analysis showed that the second quarter of 2018 had a growth rate of 1.50 per cent showing a rise of 0.31 per cent points.
On quarter-to-quarter basis, real GDP growth was 9.05 per cent.
In the third quarter of this year, aggregate GDP stood at N33.37 trillion in nominal terms, a performance that is higher when compared to the third quarter of 2017 which recorded a GDP aggregate of N29.38 trillion, thus, presenting a positive year on year nominal growth rate of 13.58 per cent.
This growth rate is higher relative to growth recorded in the third quarter of 2017 by 2.88 per cent points and higher than the proceeding quarter by 0.01 per cent points with growth rates of 10.70 per cent and 13.57 per cent respectively.
For clarity, the Nigerian economy has been classified broadly into the oil and non-oil sectors.
The nation in the third quarter of 2018 recorded an average daily oil production of 1.94 million barrels per day (mbpd), lower than the daily average production of 2.02mbpd recorded in the same quarter of 2017 by -0.08mbpd but higher than that of the second quarter of 2018 production volume of 1.84mbpd by 0.10mbpd.
Real growth of the oil sector was –2.91per cent (year-on-year) in Q3 2018 indicating a decrease of –25.94 per cent points relative to rate recorded in the corresponding quarter of 2017.
Growth increased by 1.04 per cent points when compared to Q2 2018 which was –3.95 per cent.
Quarter-on-quarter, the oil sector recorded a growth rate of 19.64 per cent in Q3 2018.
The oil sector contributed 9.38 per cent to total real GDP in Q3 2018, down from figures recorded in the corresponding period of 2017 and up compared to the preceding quarter, where it contributed 9.84 per cent and 8.55 per cent respectively.
