Nigeria’s GDP grows

The National Bureau of Statistics (NBS) has said Nigeria’s Gross Domestic Product (GDP) grew by 1.81 per cent (year-on-year) in real terms in the third quarter of 2018.
The bureau disclosed this in its Overview of GDP in the third quarter of 2018.
According to the NBS, the figure is 0.64 per cent greater than the growth rate of 1.17 per cent recorded in the third quarter of 2017.
It said the second quarter of 2018 had a growth rate of 1.50 per cent, showing a rise of 0.31 per cent points.
According to the report, the real GDP growth is 9.05 per cent on a quarter-on-quarter basis in the period under review.
It said the aggregate GDP stood at N33.368 million in nominal terms in the quarter under review.
“This performance is higher when compared to the third quarter of 2017 which recorded a GDP aggregate of N29.377 million, thus presenting a positive year-on-year nominal growth rate of 13.58 per cent.
“This growth rate is higher relative to growth recorded in the third quarter of 2017 by 2.88 per cent points.
“It is also higher than the proceeding quarter by 0.01`per cent points with growth rates of 10.70 per cent and 13.57per cent respectively,” the NBS said.
The bureau noted that the Nigerian economy had been classified broadly into the oil and non-oil sectors.