Business: Nigerian economy grows by 1.81% in the third quarter of 2018

Professor Yemi Osinbajo and President Muhammadu Buhari

An analysis of the report shows that non-oil sector of the economy recorded a growth of 2.32% as oil sector dragged the economy by a contraction of 2.91% in Q3.

Nigeria's economy grew by 1.81% (year-on-year) in real terms in the third quarter of 2018, a positive growth streak compared to the third quarter of 2017 which recorded a growth of 1.17%.

The National Bureau of Statistics (NBS) stated this on Monday, December 10, 2018, in its third quarter GDP report.

According to the report, Nigeria's GDP rose by 0.31% points from the second quarter which had a growth rate of 1.50%. Quarter on quarter, real GDP growth was 9.05%.

In the quarter under review, NBS said the aggregate GDP stood at N33,368,049.14 million in nominal terms.

 

This performance is higher when compared to the third quarter of 2017 which recorded a GDP aggregate of N29,377,674.03 million thus, presenting a positive year on year nominal growth rate of 13.58%.

“This growth rate is higher relative to growth recorded in the third quarter of 2017 by 2.88% points and higher than the proceeding quarter by 0.01% points with growth rates of 10.70% and 13.57% respectively,” the Statistics Office said on Monday.

Business Insider Sub-Saharan Africa's analysis of the report shows that non-oil sector of the economy continues on a positive streak with growth by 2.32% in the third quarter as oil sector dragged the economy by a contraction of 2.91% in Q3.

Source: news

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