Nigeria’s GDP grows by 2.28% in Q3 2019

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Nigeria’s gross domestic product (GDP) grew by 2.28% in the third quarter of 2019, the second-highest quarterly growth recorded since 2016.

This was contained in the GDP report released by the National Bureau of Statistics (NBS) on Friday.

The growth is 0.17% higher than the 2.12% GDP growth recorded in the second quarter.

The NBS report pegged the average daily oil production in the third quarter at 2.04 million barrels per day (mbpd).

The non-oil sector grew by 1.85% during the third quarter. The sector was driven mainly by the Information and Communication sector. Other drivers were agriculture, mining and quarrying, transportation and storage, and manufacturing. In real terms, the non-oil sector contributed 90.23% to the nation’s GDP.

The mining and quarrying sector grew by 5.98% in Q3 2019. Quarrying and other minerals exhibited the highest growth rate of all the sub-activities at 58.03%, followed by coal at 43.68%.

The agricultural sector grew by 14.88% in Q3 2019, showing a decline of –3.44% points from the same quarter of 2018.

Meanwhile, the manufacturing sector recorded a 39.69% growth in the third quarter of 2019.




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