By Modupe Gbadeyanka

In the third quarter of 2017, Nigeria recorded a growth in its Gross Domestic Product (GDP) by 1.4 percent, data released today by the National Bureau Statistics (NBS) revealed.

In the report obtained by Business Post, the stats office said this growth is the second consecutive positive growth since the emergence of the economy from recession in the second quarter of this year.

In the data released on Monday, NBS said, “This growth is 3.74 percent points higher than the rate recorded in the corresponding quarter of 2016 (–2.34 percent) and higher by 0.68 percent points from the rate recorded in the preceding quarter, which was revised to 0.72 percent from 0.55 percent (Q2 was revised following revisions by NNPC to oil output and hence led to revisions to Oil GDP).

It noted that quarter on quarter, real GDP growth was 8.97 percent year-to-date Real GDP growth stands at 0.43 percent.

In the quarter under review, aggregate GDP stood at N29,451,303.99 million in nominal terms higher when compared to N26,537,651.01 million in Q3 2016, resulting in a Nominal GDP growth of 10.98 percent.

“This growth is higher relative to growth recorded in Q3 2016 of 9.15 percent,” the stats office stated in the report today.

NBS further disclosed that in the period under review, oil production is estimated to have averaged 2.03 million barrels per day (mbpd), 0.15million barrels higher than the revised daily average production recorded in the second quarter of 2017 (revised from 1.84mbpd to 1.87mbpd).

Oil production during the quarter was higher by 0.42million barrels per day relative to the corresponding quarter in 2016, which recorded an output of 1.61mbpd.

It added that real growth of the oil sector was 25.89 percent (year-on-year) in Q3 2017. This represents an increase of 48.92 percent relative to rate recorded in the corresponding quarter of 2016.

Growth also increased by 22.36 percent when compared to Q2 2017 which was revised from 1.64 percent to 3.53 percent.

Quarter-on-Quarter, the oil sector grew by 21.10 percent in Q3 2017. As a share of the economy, the oil sector contributed 10.04 percent of total real GDP in Q3 2017, up from figures recorded in the corresponding period of 2016 and up from the preceding quarter, where it contributed 8.09 percent and 9.04 percent to GDP respectively.

It was also stated that the non-oil sector grew by -0.76 percent in real terms during the reference quarter. This is lower by -0.79 percent point compared to the rate recorded same quarter, 2016 and -1.20 percent point lower than in the second quarter of 2017.

This sector was driven this quarter mainly by Agriculture (Crop), Other services and Electricity, gas, steam and air conditioning supply.

In real terms, the Non-Oil sector contributed 89.96 percent to the nation’s GDP, lower than the share recorded in the third quarter of 2016 (91.91 percent) and in the second quarter of 2017 (90.96 percent).

https://www.businesspost.ng/2017/11/20/nigerias-gdp-records-1-4-growth-q3-nbs/

By the end of pmb | Osinbajo tenure

We will be self sufficient

I mean in 2023

kwashiokor growth

Sai Baba!

Independent PIGs Of Biafra (IPOB),

Nnamdi Cownu Urine Drinkers,

Worshipers Of Corrupt Jonathan and his ugly wife,

The self acclaimed enemies of Nigeria,

The Defeated Jews of Africa,

Will Never Be Happy About This Good News...

See lies

Dem try

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sarrki:
By the end of pmb | Osinbajo tenure

We will be self sufficient

I mean in 2023

Nobi say this one understand anything written up there

sarrki:
By the end of pmb | Osinbajo tenure

We will be self sufficient

I mean in 2023

h

I'm just here to watch dem drag Buhari into this...abeg make una read the report well.

slimthugchimee2:
h

What is h sir ?

Wailers will never believe this......over to you....wailers. ....anyway... Kudus...to....PMB/PYO

In need of a palm slippers /slip on of size 46....any seller in the house plz kindly signify or if you knw som1 dat sells plz help a bro..thanks.

slimthugchimee2:
j

J ?

Oh

Na g-boys de increase am

sarrki:


What is h sir ?

read your mentions again

We shall get there

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government of media propaganda.

how much is a doller to naira
how much is a bag of rice
how much is petrol/ liter

please Baba return the economy back to where you met and get ready to hand over to Atiku

1.4%. Too poor for a developing country.
Those are numbers that should be expected for an economy that has already climaxed like the US or UK, not a developing country.

Ogonimilitant:
government of media propaganda.

how much is a doller to naira
how much is a bag of rice
how much is petrol/ liter

please Baba return the economy back to where you met and get ready to hand over to Atiku

Dollar to Naira can only improve with oil going over $110 per barrel, and with you people putting pressure on PMB to make us go industrial.
Bag of rice prices will fall...only when we have enough forex...which means oil being above $110 per barrel.
Oil prices should have gone above N140 per liter if you lazy Nigerians had not forced GEJ to reduce prices back in 2012.Had you people allowed subsidy removal then, by now deregulation would have forced prices down.

NgeneUkwenu:
Independent PIGs Of Biafra (IPOB),

Nnamdi Cownu Urine Drinkers,

Worshipers Of Corrupt Jonathan and his ugly wife,

The self acclaimed enemies of Nigeria,

The Defeated Jews of Africa,

Will Never Be Happy About This Good News...

You never seized to be a patriotic Nigeria

sarrki:


You never seized to be a patriotic Nigeria

Thanks my fellow patriot!

cstr1000:
1.4%. Too poor for a developing country.
Those are numbers that should be expected for an economy that has already climaxed like the US or UK, not a developing country.

We just coming out of a recession remember?....

Good one. Those smiling to the bank due to hard work will always do and those wailing due to laziness will always do.

I know a lot of young graduates going into core real farming and they are making it better than sitting at home or working to earn small salaries.

NgeneUkwenu:
Independent PIGs Of Biafra (IPOB),

Nnamdi Cownu Urine Drinkers,

Worshipers Of Corrupt Jonathan and his ugly wife,

The self acclaimed enemies of Nigeria,

The Defeated Jews of Africa,

Will Never Be Happy About This Good News...

But things would have been better...if we had
1.Removed subsidies completely
2.Gotten off oil
3.Started up a Development plan towards industrial development
4.Spent more on power and rail.

Don't celebrate. Times are still hard.

Only zombies would believe this thrash.

9jakohai:


Dollar to Naira can only improve with oil going over $110 per barrel, and with you people putting pressure on PMB to make us go industrial.
Bag of rice prices will fall...only when we have enough forex...which means oil being above $110 per barrel.
Oil prices should have gone above N140 per liter if you lazy Nigerians had not forced GEJ to reduce prices back in 2012.Had you people allowed subsidy removal then, by now deregulation would have forced prices down.

it seems you are one of the Zone_Bs.

How does this figure affect the price of garri,fuel,and other basic needs of the Nigerian people?Una father!

NgeneUkwenu:
Independent PIGs Of Biafra (IPOB),

Nnamdi Cownu Urine Drinkers,

Worshipers Of Corrupt Jonathan and his ugly wife,

The self acclaimed enemies of Nigeria,

The Defeated Jews of Africa,

Will Never Be Happy About This Good News...

Commander in Chief of Zone_Bs

Ogonimilitant:
it seems you are one of the Zone_Bs.

And it seems like you misread my comment as a defense of PMB, when it isn't.

Good morning. Read my comment again, and you will see why.

Especially the bit where i backed GEJ on subsidy removal.

I support no politician, neither am i for zombi or wailer. I am for whoever would make us a strong , productive, industrial nation. And this current govt nor the opposition ain't it.