Macroeconomic Report & Economic Updates

Nigeria Economic Update (Issue 47)

The latest GDP report released by the National Bureau of Statistics for the third quarter of 2019, indicated a 2.28% year-on-year growth from 2018Q3. Between 2019Q2 and Q3, the GDP also grew by 0.17%1. The growth was predominantly driven by the oil sector which recorded the highest daily oil production in 3 years of 2.04 million barrels-per-day1. This indicated the oil sector real growth rate rise (year-on-year) to 6.49%2.  Meanwhile, the non-oil sector contracted to a 1.85% growth rate when compared to the 2018Q3 of 2.33%, however this indicated a Quarter-on-Quarter rise of 0.2%. The heavy reliance on crude oil is an underlying factor in the country’s flat economic growth. Ensuring that the performance of the non-oil sectors of the economy such as manufacturing and agriculture improves and becomes globally competitive is crucial in not only increasing the national output, but also expanding the foreign currency earnings and the government’s income.

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