The non-oil sector of the economy continued its growth pattern in the third quarter of 2018, moving from 2.05% recorded in the second quarter to 2.32%.
According to the third quarter gross domestic product report released by the National Bureau of Statistics on Wednesday, the nation’s GDP moved to 1.81% from 1.50% in the second quarter.
“The nation’s Gross Domestic Product (GDP) grew by 1.81% (year-on-year) in real terms in the third quarter of 2018. Compared to the third quarter of 2017 which recorded a growth of 1.17%, there is an increase of 0.64% points,” the report read.
“The second quarter of 2018 had a growth rate of 1.50% showing a rise of 0.31% points. Quarter on quarter, real GDP growth was 9.05%.
“In the quarter under review, aggregate GDP stood at N33,368,049.14 million in nominal terms. This performance is higher when compared to the third quarter of 2017 which recorded a GDP aggregate of N29,377,674.03 million thus, presenting a positive year on year nominal growth rate of 13.58%.
“This growth rate is higher relative to growth recorded in the third quarter of 2017 by 2.88% points and higher than the proceeding quarter by 0.01% points with growth rates of 10.70% and 13.57% respectively.”
In October, the World Bank reduced its projection for Nigeria’s GDP growth to 1.9% from 2.1% saying that the clash between farmers and herdsmen will affect economic recovery.
“In Nigeria, declining oil production and contraction in the agriculture sector partially offset a rebound in the services sector and dampened non-oil growth, all of which affected economic recovery,” the Bretton Wood institution said. (The Cable)
