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Nigerian economy grows by 1.81% in the third quarter of 2018

An analysis of the report shows that non-oil sector of the economy recorded a growth of 2.32% as oil sector dragged the economy by a contraction of 2.91% in Q3.

Professor Yemi Osinbajo and President Muhammadu Buhari

The National Bureau of Statistics (NBS) stated this on Monday, December 10, 2018, in its third quarter GDP report.

According to the report, Nigeria's GDP rose by 0.31% points from the second quarter which had a growth rate of 1.50%. Quarter on quarter, real GDP growth was 9.05%.

In the quarter under review, NBS said the aggregate GDP stood at N33,368,049.14 million in nominal terms.

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“This performance is higher when compared to the third quarter of 2017 which recorded a GDP aggregate of N29,377,674.03 million thus, presenting a positive year on year nominal growth rate of 13.58%.

“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 Statistics Office said on Monday.

Business Insider Sub-Saharan Africa's analysis of the report shows that non-oil sector of the economy continues on a positive streak with growth by 2.32% in the third quarter as oil sector dragged the economy by a contraction of 2.91% in Q3.

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