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Nigeria’s GDP grows in Q3

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Nigeria’s Gross Domestic Product (GDP) grew in third quarter (Q3) of 2017 by 1.40 per cent in real terms, the National Bureau of Statistics has said.

The NBS in a report titled ‘Nigeria Gross Domestic Product Report’, stated that the development represents the second consecutive positive growth following the emergence of Nigeria’s economy from recession in the second quarter (Q2) of 2017.

The NBS report explained that the growth is 3.74 per cent points higher than the rate recorded in the corresponding quarter of 2016, put at –2.34 per cent. It also revealed that the figure is higher by 0.68 per cent points from the rate recorded in the second quarter of the same year, put at 0.72 per cent.

The second quarter growth figure was revised to 0.72 per cent from 0.55 per cent, following revisions by NNPC to oil output which hence led to revisions to oil GDP. Quarter on quarter, real GDP growth was 8.97 per cent while ‘Year to date Real GDP’ growth stands at 0.43 per cent.

According to the NBS, in the quarter under review, aggregate GDP stood at N29.5 trillion in nominal terms. The growth figure is higher when compared to N26.5 trillion in third quarter of 2016, resulting in a Nominal GDP growth of 10.98 per cent.

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