Nigeria’s GDP grew by 2.28% in Q3 2019, as border closure hits trade sector

Nigeria’s Gross Domestic Product (GDP) grew by 2.28% in real terms, in the third quarter (Q3) of 2019, up from 1.81% growth recorded in the third quarter of 2018. This means the economy grew by 0.47% points (year on year).

According to the data released by the National Bureau of Statistics (NBS), the Nigerian economy grew by 2.28% in Q3 2019, up from 2.12% growth recorded in Q2 2019. This indicates an increase of 0.17% points between Q2 and Q3 2019 (Quarter on Quarter).

GDP by sector shows that the industrial sector recorded the highest growth of 3.12% when compared with other sectors. This is followed by agricultural sector which grew to 2.28%, while the service sector slowed down with a growth of  1.87%.

In real terms, the trade sector’s year on year growth stood at –1.45%, or –2.43% points lower than the rate recorded a year earlier (0.98%), and –1.20% points lower than the preceding quarter (–0.25%). This may largely be traceable to the country’s land border closure within the period.

Details shortly…

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