July 4, 2020
  • July 4, 2020

Nigerian Economy Grows 2.28% In Third Quarter 2019 ~NBS

By on November 22, 2019 0 208 Views

Nigeria’s Gross Domestic Product (GDP) rose 2.28 percent year-on-year in the third quarter of the year, the National Bureau of Statistics (NBS) said on Friday.
The economy of Africa’s biggest economy grew by 2.12 percent in the second quarter of the year, according to the revised GDP rate by the NBS.
The bureau had said the GDP rose 1.94 percent in the second quarter in its previous report before that figure was revised in the latest report.
Growth in Africa’s largest economy slowed in the first two quarters of the year as the nation struggled to shrug off the impact of a recession it escaped from in 2017.
“The growth rate in Q3 2019 represents the second-highest quarterly rate recorded since 2016,” the NBS said in its report.
“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.”
According to the latest GDP report, the average daily oil production in the quarter was 2.04 million barrels per day (mbpd), its highest in more than three years.

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