Nigeria's GDP Rises By 2.28% On The Back Of Oil & Gas In Third Quarter Of 2019 - Politics - Nairaland
Nairaland Forum / Nairaland / General / Politics / Nigeria's GDP Rises By 2.28% On The Back Of Oil & Gas In Third Quarter Of 2019 (6327 Views)
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| Nigeria's GDP Rises By 2.28% On The Back Of Oil & Gas In Third Quarter Of 2019 by Ravon: 9:30am On Nov 22, 2019 |
Nigeria’s Gross Domestic Product (GDP) 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. For better clarity, the Nigerian economy has been classified broadly into the oil and non-oil sectors. The Oil Sector 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. The real growth of the oil sector was 6.49% (year-on-year) in Q3 2019 indicating an increase of 9.40% points relative to rate recorded in the corresponding quarter of 2018. The rate was lower by –0.68% points when compared to Q2 2019 which was 7.17%.* Quarter-on-Quarter, the oil sector recorded a growth rate of 18.88% in Q3 2019. The sector contributed 9.77% to total real GDP in Q3 2019, up from figures recorded in the corresponding period of 2018 as well as the preceding quarter, when it accounted for 9.38% and 8.98% respectively. The Non-Oil Sector 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. During the quarter, the sector was driven mainly by the Information and Communication sector. Other drivers were Agriculture, Mining and Quarrying, Transportation and Storage, and Manufacturing. In real terms, the Non-Oil sector contributed 90.23% to the nation’s GDP, slightly lower than the share recorded in the third quarter of 2018 (90.62%), and in the second quarter of 2019 (91.02%). SOURCE: https://brandspurng.com/2019/11/22/nigerias-gdp-rises-by-2-28-y-o-y-on-the-back-of-oil-gas-telecoms-sectors-in-q3-2019/ 2 Likes 1 Share
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| Re: Nigeria's GDP Rises By 2.28% On The Back Of Oil & Gas In Third Quarter Of 2019 by adarayz(f): 9:33am On Nov 22, 2019 |
A local man is confused Abeg what is gdp, when we don't feel the effect of its rise, but when it falls prices will inflate Nigeria needs a lot of restructuring All those analysis above is what they use in siphoning funds 10 Likes |
| Re: Nigeria's GDP Rises By 2.28% On The Back Of Oil & Gas In Third Quarter Of 2019 by ursullalinda(f): 9:42am On Nov 22, 2019 |
Don't understand why we only read about good news.....but don't feel the impact in our daily lives.... 8 Likes 1 Share |
| Re: Nigeria's GDP Rises By 2.28% On The Back Of Oil & Gas In Third Quarter Of 2019 by hisexcellency34: 9:43am On Nov 22, 2019 |
When is Buhari fulfilling his promise of lifting 100 million Nigerians out of poverty? 5 Likes
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| Re: Nigeria's GDP Rises By 2.28% On The Back Of Oil & Gas In Third Quarter Of 2019 by Nobody: 9:45am On Nov 22, 2019 |
no be only gdp na pdp ... nonsense 5 Likes |
| Re: Nigeria's GDP Rises By 2.28% On The Back Of Oil & Gas In Third Quarter Of 2019 by Nobody: 9:45am On Nov 22, 2019 |
This is a good one . we will get it right one day in my country 6 Likes 3 Shares |
| Re: Nigeria's GDP Rises By 2.28% On The Back Of Oil & Gas In Third Quarter Of 2019 by Nobody: 9:45am On Nov 22, 2019 |
INTEGRITYA1:very nice. we will get there soon 1 Like 2 Shares |
| Re: Nigeria's GDP Rises By 2.28% On The Back Of Oil & Gas In Third Quarter Of 2019 by Nobody: 9:45am On Nov 22, 2019 |
jerrythafinisher:go killl urself, cos of dis positive news. na una way wailers 4 Likes 2 Shares |
| Re: Nigeria's GDP Rises By 2.28% On The Back Of Oil & Gas In Third Quarter Of 2019 by JessetariahMD(m): 9:46am On Nov 22, 2019 |
hisexcellency34:Thats all you have to say this beautiful friday morning 1 Like 1 Share |
| Re: Nigeria's GDP Rises By 2.28% On The Back Of Oil & Gas In Third Quarter Of 2019 by sbashir10(m): 9:46am On Nov 22, 2019 |
we will surely get to our destination, border closure effect already showing off. |
| Re: Nigeria's GDP Rises By 2.28% On The Back Of Oil & Gas In Third Quarter Of 2019 by tooth4tooth: 9:47am On Nov 22, 2019 |
Yes oo |
| Re: Nigeria's GDP Rises By 2.28% On The Back Of Oil & Gas In Third Quarter Of 2019 by Nobody: 9:47am On Nov 22, 2019 |
JessetariahMD:wat do u expect dat one to say b4 1 Like 1 Share |
| Re: Nigeria's GDP Rises By 2.28% On The Back Of Oil & Gas In Third Quarter Of 2019 by Nobody: 9:48am On Nov 22, 2019 |
modelmike7: positive news weyy no get effect on the local man. infact tfu |
| Re: Nigeria's GDP Rises By 2.28% On The Back Of Oil & Gas In Third Quarter Of 2019 by Nobody: 9:49am On Nov 22, 2019 |
jerrythafinisher:sorry local local man |
| Re: Nigeria's GDP Rises By 2.28% On The Back Of Oil & Gas In Third Quarter Of 2019 by Conceptman: 9:51am On Nov 22, 2019 |
and the masses no feel the impact positively, then where is the impact going to? call for your aluminium windows. |
| Re: Nigeria's GDP Rises By 2.28% On The Back Of Oil & Gas In Third Quarter Of 2019 by Duggedised12(f): 9:53am On Nov 22, 2019 |
Audio rise  Animal farm. A big for nothing giant on paper that even Boswana and Rwanda is better than . By the way is vision 2020 still visible?2 Likes |
| Re: Nigeria's GDP Rises By 2.28% On The Back Of Oil & Gas In Third Quarter Of 2019 by MizyB(f): 9:56am On Nov 22, 2019 |
Na Oil and Gas still dey carry our GDP again  Non-sector reduced from 91.02% to 90.23% E no pay us in the long term o Chei!  |
| Re: Nigeria's GDP Rises By 2.28% On The Back Of Oil & Gas In Third Quarter Of 2019 by joytothewise(m): 9:57am On Nov 22, 2019 |
This is the type of news they always want to promote... they don't want the world to see how bad the populace is feeling the economy backwardness... if this is true!!! Who are those benefiting from it!! How does this change affect a common man!! 30k minimum wage nothing been done and some people are here hyping EFCC and the Government.. Issok!! This is not about PDP or APC it is simply about the masses 2 Likes |
| Re: Nigeria's GDP Rises By 2.28% On The Back Of Oil & Gas In Third Quarter Of 2019 by Sammieways00(m): 9:58am On Nov 22, 2019 |
nice one |
| Re: Nigeria's GDP Rises By 2.28% On The Back Of Oil & Gas In Third Quarter Of 2019 by LollipopCandy(f): 9:58am On Nov 22, 2019 |
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| Re: Nigeria's GDP Rises By 2.28% On The Back Of Oil & Gas In Third Quarter Of 2019 by AmuRubber(m): 10:09am On Nov 22, 2019 |
Audio Growth. In Fela's voice, “Government Magic” Check my signature, there's something there you might be interested in. 1 Like |
| Re: Nigeria's GDP Rises By 2.28% On The Back Of Oil & Gas In Third Quarter Of 2019 by Bishop4real: 10:11am On Nov 22, 2019 |
ursullalinda: Because the rot was so grave; and the consequences, devastating. Real healing processes are usually slow but steady & assured. Overtime, we shall overcome. Rome wasn't built in a day. Patience is key 1 Like |
| Re: Nigeria's GDP Rises By 2.28% On The Back Of Oil & Gas In Third Quarter Of 2019 by abkrgumel(m): 10:14am On Nov 22, 2019 |
adarayz:Hustle o... |
| Re: Nigeria's GDP Rises By 2.28% On The Back Of Oil & Gas In Third Quarter Of 2019 by Horlufemi(m): 10:24am On Nov 22, 2019 |
adarayz: It's because all you care about is bread and butter |
| Re: Nigeria's GDP Rises By 2.28% On The Back Of Oil & Gas In Third Quarter Of 2019 by lowaist101: 10:26am On Nov 22, 2019 |
we need to continue to build human capacity in all ramifications. if people earn more income, they will spend more. So employments and self employments, other means of generating money; will lead to increase in the real GDP. National assembly should careful in increasing Income taxes, to ensure that people more disposable incomes.[b][/b] |
| Re: Nigeria's GDP Rises By 2.28% On The Back Of Oil & Gas In Third Quarter Of 2019 by johnmattew: 10:33am On Nov 22, 2019 |
GDP rose because of border closure(which lead to increase in industrial sector)...not because of oil |
| Re: Nigeria's GDP Rises By 2.28% On The Back Of Oil & Gas In Third Quarter Of 2019 by chloride6: 10:47am On Nov 22, 2019 |
9.23% Q3oQ3 Nice We are getting there.. Q4oQ4 is always negative but we will be fine.. |
| Re: Nigeria's GDP Rises By 2.28% On The Back Of Oil & Gas In Third Quarter Of 2019 by Nobody: 10:55am On Nov 22, 2019 |
adarayz: See it as a measure of all the economic activity taking place. All the transactions given a currency value. Compared to the same quarter the previous year more activity in nominal terms took place. That's essentially it. Trick is that the regular man like you and myself wouldn't really be affected by the final investment decisions at the IOC offices. The direct impact is on the production qty which as the article says increased by about a 100k. And with uhm the deep offshore act signed and deepwater projects ramp up the figure might as well push to 2.5m bopd. Actually Nigeria should be doing 3.5m bpd. The problem is that the surpluses are not put to wider meaningful investment in other sectors, public services and infrastructure. Oil is the best boost to an economy. Has higher earning power than all the mineral ores combined at lesser quantities but also has the Dutch curse effect with it where it crowds out less initially lucrative sectors. Hence, the figure will keep increasing in earnest. They're not lying. Rather, see it more as telling half truths. The whole thing has a comma to it. |
| Re: Nigeria's GDP Rises By 2.28% On The Back Of Oil & Gas In Third Quarter Of 2019 by VanEFCC: 10:59am On Nov 22, 2019 |
Ravon: |
| Re: Nigeria's GDP Rises By 2.28% On The Back Of Oil & Gas In Third Quarter Of 2019 by GeneralPula: 12:13pm On Nov 22, 2019 |
Duggedised12: For where...E don Kalas! Pdp scammed us ! |
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