By Omoh Gabriel
LAGOS — Nigeria’s economic growth, GDP, rose in the third quarter as the oil industry’s contraction eased and agricultural output increased.
Data released by the National Bureau of Statistics,NBC, said that the amount of goods and services produced in the country in the month of July, August and September 2013, (Gross Domestic Product) rose to 6.81 per  cent on an annual basis. This it said was the fastest rate of growth this year, compared with 6.18 per cent in the second quarter.
The Africa Development Bank, AfDB, had said that the outlook for growth of the economy remains positive while listing the downside risks to include security challenges arising from religious conflict in some states and slower global growth.
According to the AfDB, as economic growth is largely driven by capital-intensive sectors, it has not translated into sufficient job creation and poverty remains high. As a result, Nigeria has a low Human Development Index, HDI. The country has made some progress towards attainment of the Millennium Development Goals, MDGs, albeit slowly and unevenly.
“There is a high need to diversify the Nigerian economy into the non-oil sector. This would help expand the sources of growth and make it broad based, both socially and geographically. Further development of agriculture, manufacturing and services could broaden growth, create employment and reduce poverty.”
The Nigerian economy slowed down from 7.4 per cent growth in 2011 to 6.6 per cent in 2012. The oil sector continues to drive the economy, with average growth of about of 8.0 per cent, compared to 0.35 per cent for the non-oil sector. Agriculture and the oil and gas sectors continue to dominate economic activities in Nigeria.
The fiscal consolidation stance of the government has helped to contain the fiscal deficit below 3.0 per cent of the  GDP. This, coupled with the tight monetary policy stance of the Central Bank of Nigeria, CBN, helped to keep inflation low.
According  to the NBS “On an aggregate basis the economy when measured by the Real Gross Domestic Product, GDP, grew by 6.81 per cent in the third quarter of 2013. This was higher than the 6.18 per cent recorded in the second quarter of 2013 and 6.48 per cent recorded in the corresponding quarter of 2012.
“The nominal GDP for the third quarter of 2013 was estimated at N11.16602639 trillion, up from the N10.96727289 trillion estimated for the corresponding quarter of 2012 by 1.81 per cent, and N10.20483797 trillion recorded in the second quarter of 2013 by 9.41 per cent.”

http://www.vanguardngr.com/2013/11/economy-expands-6-81-third-quarter/

Fair... However, it won't exceed 2 - 3% after rebasing

I DON DEY FEEL FRESH AIR....GEJ TILL 2019

Make Una pack well

iterator25: Fair... However, it won't exceed 2 - 3% after debasing

*rebasing*
the process itself will spur the economy to renewed vigorous growth as a result of increased investment that will take place.

story! !!!!!

IS OK

This is good news!

iterator25: Fair... However, it won't exceed 2 - 3% after debasing

What are you talking about? There wud be so real-time correction after d rebasing, but to 2%?? What are u smoking, Bros?

paj4love: story! !!!!!

chop knuckle

According to the AfDB, as economic growth is largely driven by capital-intensive sectors, it has not translated into sufficient job creation and poverty remains high. As a result, Nigeria has a low Human Development Index, HDI.

The most important part of the report.

Is this supposed to be good news?

Improvement In the power sector-None
Improvement In Security-None
Improvement In Education and Health-None
Improvement on Paper-YES.
Yet paid laptop boys who would willingly sell their family for 20,000 are screaming fresh air!!
#NigeriaPleaseWakeUp

taharqa: What are you talking about? There wud be so real-time correction after d rebasing, but to 2%?? What are u smoking, Bros?

Abi o. We are still small. We just cannot afford to grow at that level 2%-3%? Ausubillahi! We need 30-40 years of real growth! Preferably, double digits!

Instead of the governors embezzle billions of naira, the money should be use in developing agriculture for the growth of their people.

Am not an economist but I believe growth means GEJ is working, right?...

If I neva d see light 24/7 ihe unu na ako wu BULLSHIT

people deceiving people. . . but people still plenty wey dey H!

One of the problems of using GDP to measure the health of the economy is that you can have a situation in a country where some individuals can have an unfair proportion of the output of the country. It is even more problematic when what they get is significantly disproportional to their input as a situation where you have people who have a lot of money without having a business that is creating wealth or employment. That kind of economy is likely to create a lot of social crises and tensions. Why? If you have no jobs being created as a result of growth, which is what we have in Nigeria now, the so-called jobless growth economy, the tendency that you will have many people who will become militants, insurgents and many people who will take to a lot of crime – obviously, when you have that kind of situation, we can also say that you don’t have development. The most meaningful development is the one that creates a lot of middle class. There might be a few people outstandingly rich and a few people very poor, but most people will generally be middle class people who can live decent quality of life, send their children to good schools, have the means of going to and fro places that are essential, and have their homes. A situation where a few people get very wealthy can be broken into two: a few people getting wealthy with production, as was in the case with Brazil, and a few people getting wealth with very little production where national revenue is mainly extracted as rent or stolen by the way of corruption, as is the case in Nigeria. So the use of GDP as the basis for evaluating economic growth has limited value in terms of issues that are before us.

MAYOWAAK: One of the problems of using GDP to measure the health of the economy is that you can have a situation in a country where some individuals can have an unfair proportion of the output of the country. It is even more problematic when what they get is significantly disproportional to their input as a situation where you have people who have a lot of money without having a business that is creating wealth or employment. That kind of economy is likely to create a lot of social crises and tensions. Why? If you have no jobs being created as a result of growth, which is what we have in Nigeria now, the so-called jobless growth economy, the tendency that you will have many people who will become militants, insurgents and many people who will take to a lot of crime – obviously, when you have that kind of situation, we can also say that you don’t have development. The most meaningful development is the one that creates a lot of middle class. There might be a few people outstandingly rich and a few people very poor, but most people will generally be middle class people who can live decent quality of life, send their children to good schools, have the means of going to and fro places that are essential, and have their homes. A situation where a few people get very wealthy can be broken into two: a few people getting wealthy with production, as was in the case with Brazil, and a few people getting wealth with very little production where national revenue is mainly extracted as rent or stolen by the way of corruption, as is the case in Nigeria. So the use of GDP as the basis for evaluating economic growth has limited value in terms of issues that are before us.

You have said it all!

As the report stated, "Poverty still remains high", I agree and concur to it. That's the only sacrifice we have to make at this point in time.

Economic growth brings about Investment (Foreign) and inturn provides adequate employment to cater for the welfare of the masses.

Anambra is a case study here....due to the massive industrialization of Onitsha-Nnewi axis, more jobs has been created and now Anambra has one of the lowest poverty rate in Nigeria and one of the lowest Unemployment rate coupled with the increased standard of living.(Remember, all these began to happen in 2010 after a legal government entered in 2006).

BTW, It's only when the economy grows to a certain point that everyone's standard of living will be increasing speedily and steadily as a result of the investment which accompanied the growth.

Economic growth comes first before it raises the standard of living, they don't run concurrently lest you have to wait for another 50 years to be stabilized but going by this, if the economic growth increases by 4-10% in the next 2 years, then Vision 2020 will be a reality.

Akinmail:

*rebasing*
the process itself will spur the economy to renewed vigorous growth as a result of increased investment that will take place.

This is for you
http://theeconomistng..com/2013/03/rebasing-to-reduce-nigerias-gdp-rate-by.html?m=1

There have been an improvement in the economy within the past 2 years but average Nigerians will never agree except
there is 24 hour power supply, good roads, good health care, good education infrastructure, radical employment's e.t.c

These things are not achievable in 2 years but its very hard to convince someone who's subconscious mind have been
programmed to always think negatively about the Nigeria Government and Economy.

I just Dey Observe..

Be like say na national assembly resident tailor be dia consultant.

abuc: There have been an improvement in the economy within the past 2 years but average Nigerians will never agree except
there is 24 hour power supply, good roads, good health care, good education infrastructure, radical employment's e.t.c

These things are not achievable in 2 years but its very hard to convince someone who's subconscious mind have been
programmed to always think negatively about the Nigeria Government and Economy.

I just Dey Observe..

Many of them are lazy, all they do is sit home waiting to be spoon fed by the government

Na only for papers dis tins de rise.last tym i checked price of goods and services r increasing everyday

Good!


Let's be optimistic please.

They've cooked the books again. Inflation keep rising and economy keeps growing. I wonder o!

shachris: They've cooked the books again. Inflation keep rising and economy keeps growing. I wonder o!

I'm sure you're a street gambler

can someone explain please, how does it affect the life of an average Nigerian

Rawbish! Keep deceiving urselves!

karl max: By Omoh Gabriel
LAGOS — Nigeria’s economic growth, GDP, rose in the third quarter as the oil industry’s contraction eased and agricultural output increased.
Data released by the National Bureau of Statistics,NBC, said that the amount of goods and services produced in the country in the month of July, August and September 2013, (Gross Domestic Product) rose to 6.81 per  cent on an annual basis. This it said was the fastest rate of growth this year, compared with 6.18 per cent in the second quarter.
The Africa Development Bank, AfDB, had said that the outlook for growth of the economy remains positive while listing the downside risks to include security challenges arising from religious conflict in some states and slower global growth.
According to the AfDB, as economic growth is largely driven by capital-intensive sectors, it has not translated into sufficient job creation and poverty remains high. As a result, Nigeria has a low Human Development Index, HDI. The country has made some progress towards attainment of the Millennium Development Goals, MDGs, albeit slowly and unevenly.
“There is a high need to diversify the Nigerian economy into the non-oil sector. This would help expand the sources of growth and make it broad based, both socially and geographically. Further development of agriculture, manufacturing and services could broaden growth, create employment and reduce poverty.”
The Nigerian economy slowed down from 7.4 per cent growth in 2011 to 6.6 per cent in 2012. The oil sector continues to drive the economy, with average growth of about of 8.0 per cent, compared to 0.35 per cent for the non-oil sector. Agriculture and the oil and gas sectors continue to dominate economic activities in Nigeria.
The fiscal consolidation stance of the government has helped to contain the fiscal deficit below 3.0 per cent of the  GDP. This, coupled with the tight monetary policy stance of the Central Bank of Nigeria, CBN, helped to keep inflation low.
According  to the NBS “On an aggregate basis the economy when measured by the Real Gross Domestic Product, GDP, grew by 6.81 per cent in the third quarter of 2013. This was higher than the 6.18 per cent recorded in the second quarter of 2013 and 6.48 per cent recorded in the corresponding quarter of 2012.
“The nominal GDP for the third quarter of 2013 was estimated at N11.16602639 trillion, up from the N10.96727289 trillion estimated for the corresponding quarter of 2012 by 1.81 per cent, and N10.20483797 trillion recorded in the second quarter of 2013 by 9.41 per cent.”

http://www.vanguardngr.com/2013/11/economy-expands-6-81-third-quarter/

only on paper. Where is the evidence?