The oil and information and communication sectors contributed largely to the growth of the nation’s Gross Domestic Product (GDP) in the third quarter (Q3), the Nigerian Bureau of Statistics (NBS) has said.
NBS in its current report said that the GDP for the period grew by 1.81 per cent to N18.08 trillion, faster than 1.50 per cent growth to N16.58 trillion recorded in second quarter (Q2) 2018 in real terms.
In the latest quarterly report published on its official website yesterday, NBS hinted that the GDP increased by 0.64 per cent points when compared to the third quarter of 2017 which recorded a growth of 1.17 per cent.
It showed that the second quarter of 2018 had a growth rate of 1.50 per cent indicating a rise of 0.31 percent points. Quarter-on-quarter, the real GDP growth was 9.05 per cent, the agency said.
NBS said: “In the quarter under review, aggregate GDP stood at N33.368 trillion in nominal terms. This performance is higher when compared to the third quarter of 2017 which recorded a GDP aggregate of N29.377 trillion thus, presenting a positive year-on-year nominal growth rate of 13.58 percent.”
The agency, which classified the Nigerian economy into the oil and non-oil sectors, explained that the non-oil sector accounted for the increased GDP as it grew year-on-year by 2.32 percent to N16.38 trillion. This was majorly attributed to the double-digit growth, 12.09 percent in Information and Communication sector to N1.91 trillion of which telecoms which accounts for 80 per cent of the sector rose by 14.97 percent.
The trade sector, according to the report, rebounded by 0.98 percent to 2.86 per cent (from a 2.14 percent decline in the Q2 2018), while the agricultural sector expanded by 1.91 percent to N5.29 trillion in Q3 2018.
Conversely, oil and gas sector further contracted year-on-year by 2.91 percent to N1.69 trillion in Q3 2018 despite quarterly increases in both average crude oil price and production. Much of the outstanding 9.05 per cent quarter-on-quarter GDP growth was propelled by oil sector which rose by 19.64 per cent.
The improved 39.56 per cent quarter-on-quarter growth in agricultural sector, despite flooding and attacks on farmers, 15 per cent annual growth in telecoms and a boost in manufacturing, suggests greater diversification of the economy.
