The National Bureau of Statistics, NBS, on Monday, has released the country’s Gross Domestic Product, GDP, report for the third quarter, with the economy recording a growth rate rise to 1.81 percent.
According to details of the Nigerian Gross Domestic Product report (Q3, 2018) released by the Bureau on Monday, there is an increase of 0.64 percent points, compared to the third quarter of 2017, which recorded a growth of 1.17 percent.
In nominal terms, the report put the value of the country’s economic output during the third quarter at N33.36 trillion, which it rated high, when compared to the third quarter 2017 GDP output of N29.37 trillion.
“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 percent.”
“This growth rate is higher relative to growth recorded in the third quarter of 2017 by 2.88 percent points, and higher than the proceeding quarter by 0.01 percent points, with growth rates of 10.70 percent and 13.57 percent, respectively. For clarity, the Nigerian economy has been classified broadly into the oil and non-oil sectors.”
Lukman Otunuga, a Research Analyst, stated that confidence over the recovery of Nigeria’s economy is set to become a dominant theme, following reports of the nation’s economic growth, accelerating during the third quarter of 2018.
“Nigeria’s GDP expanded by 1.81 percent in the third quarter, which represents an encouraging 0.31 percent rise from the 1.50 percent achieved in quarter two.
“Although the primary driver behind the economic expansion was rising oil production and elevated oil prices, signs of Non-Oil sectors contributing to growth is a welcome development.
“With the Non-Oil sector growing by 2.32 percent in real terms during quarter three, Nigeria continues to showcase to the global arena that it remains on a quest to break away from oil reliance.”
He stressed that with economic growth expected to gain momentum next year, on the back of increasing government spending ahead of the Presidential election, Nigeria’s outlook remains encouraging.
“OPEC’s deal to cut oil production by 1.2 million barrels a day, is seen offering near-term support to oil – a scenario that will most likely support Nigeria’s government revenues, and the Naira exchange”, he said.