Nigeria’s Gross Domestic Product (GDP) increased to 2.28 per cent in real terms in the third quarter of 2019.
The National Bureau of Statistics disclosed this on Friday. The NBS, in its latest quarterly GDP report, said the real GDP growth rate in Q3 indicated an increase of 0.17 percentage points compared to the 2.12 growth rate recorded in Q2 2019.
“The growth rate in Q3 2019 represents the second-highest quarterly rate recorded since 2016,” it said.
The country recorded an average daily oil production of 2.04 million barrels per day in Q3, its highest in more than three years, according to the report.
“This output was 0.1mbpd higher than the daily average production of 1.94mbpd recorded in the same quarter of 2018, and 0.02mbpd higher than the revised oil production levels in Q2 2019 of 2.02mbpd,” the NBS added.
According to the NBS, aggregate GDP stood at N37.81tn in nominal terms in Q3, compared to the N33.37tn recorded in the third quarter of 2018, representing a year-on-year nominal growth rate of 13.30 per cent.
It said, “The growth rate is, however, lower relative to rates recorded in the third quarter of 2018 by 0.28 percentage points and the rates recorded in the preceding quarter by 0.71 percentage points.”
The statistics bureau reported in September that GDP growth rate fell to 1.94 per cent in Q2 from 2.10 per cent in Q1.