BusinessInside Nigeria

Oil Production Hits 3-year High as GPD Grows by 2.28% in Third Quarter of 2019

The National Bureau of Statistics (NBS) has informed that Nigeria’s Gross Domestic Product (GDP) witnessed a significant growth in the third quarter of 2019. Data made available by the Bureau shows that Nigeria’s gross domestic product (GDP) grew by 2.28% in the third quarter of 2019.

This is 0.17 percentage points higher than the 2.12% revised GDP growth recorded in the second quarter.

The GDP report which was released on Friday shows that the average daily oil production in the quarter was 2.04 million barrels per day (mbpd).

According to the NBS, the growth rate in Q3 of 2019 represents the second-highest quarterly rate recorded since 2016.

The non-oil sector grew by 1.85% during the third quarter. The sector was driven mainly by the Information and Communication sector. Other drivers were Agriculture, Mining and Quarrying, Transportation and Storage, and Manufacturing. In real terms, the non-oil sector contributed 90.23% to the nation’s GDP.

The Mining and Quarrying sector grew by 5.98% in Q3 2019. Quarrying and other minerals exhibited the highest growth rate of all the sub-activities at 58.03%, followed by coal at 43.68%.

Agricultural sector grew by 14.88% in Q3 2019  showing a decline of –3.44% points from the same quarter of 2018.

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