Nigeria’s GDP rises by 1.40% third quarter

The National Bureau of Statistics (NBS) said on Monday that Nigeria’s Gross Domestic Product (GDP) grew in third quarter of 2017 by 1.40 per cent in real terms.

In its report ‘Nigeria Gross Domestic Product Report’, the NBS noted that the development represents the second consecutive positive growth since the emergence of the economy from recession in the second quarter of 2017.

The 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 .

Further analysis shows that quarter on quarter, real GDP growth was 8.97 per cent while ‘Year to date Real GDP’ growth stands at 0.43 per cent.

In the quarter under review, aggregate GDP stood at N29,451,303.99 (N29 million)

In nominal terms, the NBS said, the growth figure is higher when compared to N26,537,651.01 (N26.5 million) in third quarter of 2016, resulting in a Nominal GDP growth of 10.98 per cent.

“This growth is higher relative to growth recorded in Q3 2016 of 9.15 per cent,” the report noted.