NIGERIA ANNUAL TRADE ESTIMATE

In the third quarter of 2019, the nominal year on year growth rate for Trade stood at 1.13%. This indicates a decrease of –2.65% points when compared to the third quarter of 2018, and –1.89% points compared to the preceding quarter.
GDP

In nominal terms, Other Services grew by 3.68% (year-on-year) in Q3 2019. This rate is lower than the 5.71% growth rate recorded in the same quarter of the previous year, as well as the growth rate of 5.92% recorded in Q2 2019 by –2.02% points and –2.24% points respectively.
GDP

Nominal GDP growth of the Manufacturing sector in the third quarter of 2019 was recorded at 39.69% (year-on-year), 6.97% points higher than recorded in the corresponding period of 2018 (32.73%) and 1.91% points higher than the preceding quarter’s 37.79%.
GDP

In nominal terms, the Public Administration sector grew by 3.24% in Q3 2019, or 1.45% points higher than the corresponding quarter of 2018, and 3.46% points higher relative to Q2 2019. Quarter-on-quarter, the sector grew by 0.18%.
GDP
Nominal growth in the Education sector, in Q3 2019, was 7.56% (year-on-year), up by 1.36% points from the growth of 6.20% reported in the corresponding quarter of 2018, but down by –3.53% points when compared to the growth rate of 11.09% in Q2 2019.
GDP
In real terms, the agricultural sector grew by 2.28% (year-on-year) in the third quarter of 2019, an increase by 0.37% points from the corresponding period of 2018, and 0.49% points from the preceding quarter which recorded a growth rate of 1.79%.
GDP

The non-oil sector grew by 1.85% in real terms during the reference quarter. This is –0.48% points lower when compared to the rate recorded in the same quarter of 2018 but 0.20% points higher than the second quarter of 2019.
GDP

In Q3 2019, Nigeria recorded average daily oil production of 2.04 million barrels per day (MBPD), its highest in more than three years. This output was 0.1mbpd higher than the daily average production of 1.94mbpd recorded in the same quarter of 2018, and 0.02mbpd higher than the revised oil production levels in Q2 2019 of 2.02mbpd.
GDP

The total value of capital importation into Nigeria stood at $5,820.21m in the second quarter of 2019. This represents a decrease of -31.41% compared to Q1 2019 and +5.56% increase compared to the second quarter of 2018.
The largest amount of capital importation by type was received through Portfolio investment, which accounted for 73.76% ($4,292.89m) of total capital importation, followed by Other Investment, which accounted for 22.41% ($1,304.43m) of total capital imported and Foreign Direct Investment (FDI), which accounted for 3.83% ($222.89m) of total capital imported in Q2 2019.