Nigeria Records First GDP Growth in 3rd Quarter of 2015

Image: Dr. Yemi Kale, Statistician – General, National Bureau of Statistics

Nigeria has reported its first Gross Domestic Product (GDP) growth in 2015.

Latest data from the National Bureau of Statistics show that Nigeria has recorded a GDP growth of 2.84% in real terms during the month of July to September 2015.

This reflects a 0.49% increase from the second quarter.

The data shows the oil sector up 1.06 in the third quarter and better than the second quarter by 14.35%. The oil sector contributed 10.27% to Nigeria’s total real GDP.

The latest statistics also shows agriculture output higher by 3.46%, manufacturing stronger by 4.80%, while trade and services grew by 14.68% in nominal terms during the period under review.

Nigeria’s economy returns to growth as inflation also drops at 9.3% in October.

[Source: Channels TV]