Nigeria’s GDP Grows by 1.4% In Q3, As NBS Revises Previous Growth 

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The Nigeria’s National Bureau of Statistics (NBS) released the Gross Domestic Product (GDP) numbers for the third quarter of 2017, indicating that the nation’s economy grow by a more robust 1.4%.

The bureau also revised the figure for Q2 from 0.55% to 0.71%, owing to what it called the revision of oil GDP to 3.53% for that period and -2.24% in the corresponding period (Q2) of 2016.

Year-to-date, the NBS put Nigeria’s GDP at 0.41%, as nominal GDP (Q3) was valued at N29.83tr, while GDP for the period came to N18.03tr, with the non-oil sector contributing 89.96%, down from 90.96%, and representing the third consecutive quarter drop since Q4, 2016, when it stood at 93.25%. This may be a wake-up call for the Federal Government to intensify its efforts at diversifying the economy as far as from oil as possible.

In terms of contributions to GDP, the service sector leads with 48.28%, followed from afar by industries with 22.56% and agriculture, 29.15%.

The data shows an sustained improvement in agric sector GDP, which has continued to rise, as services and oil sectors decline gradually, especially since 2017Q1, which represents the peak of the service sector’s contribution since Q1 2016.

Contribution of oil which, incidentally continues to account for the about 75% of Nigeria’s annual revenue, stood at 10.04%, up from 9.04% in the previous quarter.

Crude oil production for the period under review rose by 8.55% from 1.87 million barrels per day (mbpd) in the second quarter of 2017, to 2.03mbpd, representing the second consecutive rise since Q1, when it stood at 1.69mbpd, a pointer to the government’s efforts at maintaining and sustaining the peace (though) fragile, in the country’s Niger-Delta region.

The nation’s manufacturing sector GDP contracted by -2.85% in the period under review, from 0.64% in the preceding quarter. In the 2016Q3, it recorded -4.38%, impacted by cement GDP, which continued to lag behind, contracting by 4.56%, worse than its -4.16% in Q2 just as it moves nearer the -6.26% record in 2016Q3

Agric GDP growth recorded improvements at 3.06%, from 3.01% in 2017Q2 and 4.54% in 2016Q3; helped by crop production, which improved by 3.19%, slower than 3.21% in 2017Q2 and 4.88% in 2016Q3

Fishing contracted by 2.84% in Q3, from 2.72% and 0.34% in the 2017Q2 and 2016Q3; just as forestry improved by 3.95% from 3.89% in Q2 and 2.08% in 2016Q3; just as livestock sub-sector climbed by 2.52% from 2.28% and 0.76% in 2017Q2 and 2016 Q3 respectively.

Industry GDP climbed 8.83%, an improvement over the 1.45% in Q2 and -12.66% in 2016Q3; GDP in the services sector suffered negative growth at -2.66% in Q3, bigger than the -0.81% recorded in Q2 and -1.17% in 2016Q3.

Wood and wood products under manufacturing sector grew by 1.24% from -2.09% in Q2 and -6.3% in 2016Q3; while textiles, apparels and footwear under Manufacturing GDP rose 0.19%, down from 0.2$ in the preceding quarter.

Food and Beverage under Manufacturing GDP suffered decline as it managed to grow by 0.58% from 2.67% in Q2, while facing the risk of negative growth soon, just as it did with -5.75% in 2016Q3.

Mining and quarrying soared 25.44% from just 3.51% in the previous quarter and -22.65% in 2016Q3, boosted by the 25.89% growth in crude petroleum and natural gas, from just 3.53% in Q2 and -23.04% in the corresponding period of 2016.

Growth in quarrying and other mining activities continued to be constrained, as it improved by 1.86%, down from 2.24% in the 2017Q2 and 7.07% in 2016Q3; metal ores recorded a robust 10.7% from a negative of -1.09% and the 6.89% of the 2016Q3.

Coal mining could not pull a similar stunt, as it contracted by a princely -38.49% from 4.92% and -7.76% in 2016Q3.


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