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Nigeria’s GDP grows by 2.28 per cent

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Nigeria’s Gross Domestic Product has grown by 2.28 per cent in the third quarter of 2019, the National Bureau of Statistics has said.

In its quarterly report, NBS said 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.

According to official data made available by Dr Yemi Kale, the National Bureau of Statistics (NBS) lead – it shows that Nigeria’s gross domestic product (GDP) grew by 2.28% in the third quarter of 2019.

This is 0.17 percentage points higher than the 2.12% revised GDP growth recorded in the second quarter.

The GDP report which was released on Friday shows that the average daily oil production in the quarter was 2.04 million barrels per day (mbpd).

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

The non-oil sector grew by 1.85% during the third 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.

The Mining and Quarrying sector grew by 5.98% in Q3 2019. Quarrying and other minerals exhibited the highest growth rate of all the sub-activities at 58.03%, followed by coal at 43.68%.

Agricultural sector grew by 14.88% in Q3 2019, showing a decline of –3.44% points from the same quarter of 2018.

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