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NBS Says Nigeria’s GDP Hits 2.28 Per cent Growth


ABUJA, NIGERIA - The National Bureau of Statistics (NBS) on Friday (today) revealed that the Gross Domestic Product (GDP) of Nigeria has appreciated by 2.28 per cent in the third quarter of 2019,

The NBS in its quarterly report explained that the figure was better than 2.12% (revised from 1.94%) in the second quarter of 2019 and the third quarter of 2018, in the year-on-year analysis.

Part of the report read, “Nigeria’s Gross Domestic Product grew by 2.28% (year-on-year), in real terms, in the third quarter of 2019.

“Compared to the third quarter of 2018 which recorded a growth of 1.81%, the real GDP growth rate observed in the third quarter of 2019 indicates an increase of 0.47% points. 

"Relative to the second quarter of 2019, which recorded a growth rate of 2.12%, Q3 2019 represents an increase of 0.17% points.

“On a quarter-on-quarter basis, however, real GDP grew by 9.23%. 

"The growth rate in Q3 2019 represents the second-highest quarterly rate recorded since 2016.

"In the quarter under review, aggregate GDP stood at N37,806,924.41 million in nominal terms. 

"This performance is higher compared to the aggregate of N33,368,049.14 million recorded in the third quarter of 2018, representing a year on year nominal growth rate of 13.30%. 

"The growth rate is, however, lower relative to rates recorded in the third quarter of 2018 by –0.28% points and the rates recorded in the preceding quarter by –0.71% points.”

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