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Economy

Increased oil production grows Nigeria’s GDP by 1.81% in Q3

Nigeria’s Gross Domestic Product (GDP) has grown by 1.81% in the third quarter of 2018.

According to data released by the Nigerian Bureau of Statistics, the growth is an increase of  0.64 % Compared to the third quarter of 2017 and an a growth of 1.50% compared to  the second quarter of 2018.Quarter on quarter, real GDP growth was 9.05%.

In the quarter under review, the NBS says aggregate GDP stood at N33.14 million in nominal terms. This performance is higher when compared to the third quarter of 2017 which recorded a GDP aggregate of N29.03 million thus, presenting a positive year on year nominal growth rate of 13.58%.

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This growth rate is higher relative to growth recorded in the third quarter of 2017 by 2.88% points and higher than the proceeding quarter by 0.01% points with growth rates of 10.70% and 13.57% respectively.

The growth was boosted by increased oil production. Nigeria recorded an average daily oil production of 1.94million barrels per day (mbpd), higher than that of the second quarter of 2018 production volume of 1.84mbpd by 0.10mbpd.

Real growth of the oil sector was –2.91%  in Q3 2018 but growth increased by 1.04% points when compared to Q2 2018 which was –3.95%. Quarter-on-Quarter, the oil sector recorded a growth rate of 19.64% in Q3 2018.

The Oil sector contributed 9.38% to total real GDP in Q3 2018, down from figures recorded in the corresponding period of 2017 and up compared to the preceding quarter, where it contributed 9.84% and 8.55% respectively.

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In nominal terms, Real Estate Services in the third quarter of 2018 grew by 3.67%, higher by 2.08% points than the growth rate reported for the same period in 2017 and higher by 2.64% points compared to the preceding Quarter. Quarter-on-Quarter, the sector growth rate was 5.44%. The contribution to nominal GDP in Q3 2018 was 6.88%, lower than the 7.54% reported in corresponding quarter of 2017 and 7.09%recorded in the preceding quarter.Real GDP growth recorded in the sector in Q3 2018 stood at -2.68%, higher from growth recorded in Q3 2017 by 1.44% points still higher by 1.21% points relative to Q2 2018.

Quarter-on-quarter, the sector grew by 3.88% in the third quarter 2018. It contributed 6.50% to real GDP in Q3 2018, lower than the 6.80% it recorded in the corresponding quarter of 2017 and 6.83 % in the preceding quarter.

The Construction sector grew by 52.67% in nominal terms (year on year) in 2018 third quarter, a hike by 35.98% points compared to the rate of 16.69% recorded in the same quarter of 2017. There was also an increase by 8.59% points when compared to the rate recorded in the preceding quarter. Nominal growth quarter on quarter was recorded as –16.54%. Construction contributed 4.20% to nominal GDP in the third quarter of 2018, higher than the 3.13% it contributed a year earlier but lower than the 5.47% contributed in the second quarter of 2018.

In the  the Agricultural sector: Crop Production, Livestock, Forestry and Fishing. sector grew by 18.32% year-on-year in nominal terms, showing an incline of 5.82% points from the same quarter of 2017. Looking at the preceding quarter’s growth rate of 10.64% there is an incline of 7.67%. Crop Production remains the major driver of the sector.

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This is evident as it accounts for 91.1% of the sector’s nominal GDP. In the third quarter of 2018, Agriculture contributed 25.52% to nominal GDP. This figure is higher than the rates recorded for the third quarter of 2017 and higher than the second quarter of 2018 which recorded 24.50% and 18.78% respectively.

Affa Dickson Acho

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