National Bureau of Statistics (NBS) reveals that the country gross domestic product (GDP) has grown by 2.28% edging 2.12% in the second quarter by 0.17%. The data which was released on Friday shows that the growth rate in Q3 of 2019 represents the second-highest since 2016.
The average daily oil production in the quarter was 2.04 million barrels per day (mbpd), while non-oil sector which is driven by Information & Communication sector, agriculture, mining & quarrying, transportation & storage, and the manufacturing sector grew by 1.85%.
Despite the increment in the GDP, the NBS data indicated that trading sector was not one of the main contributors to the growth.
In the third quarter of 2019, the nominal year-on-year growth rate for Trade stood at 1.13 per cent, indicating a decrease of –2.65 per cent points when compared to the third quarter of 2018, and –1.89 per cent points compared to the preceding quarter.
“Trade’s contribution to nominal GDP in the third quarter of 2019 was 14.69p per cent, lower than the contribution in the same quarter of the previous year of (16.45 per cent), and the preceding quarter (15.33 per cent),” said the bureau.
These changes could be an off-set of the country’s land border closure within the quarter.
However, the growth in the GDP rate might not be felt by the citizens just yet as inflation rate continues to rise.
Nigeria recorded 11.61 increase in the third quarter from 11.24 recorded in the second quarter report showing depletion in the purchasing power of the Naira.
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