Nigeria’s GDP rises

NBS
National Bureau of Statistics building

Nigeria’s Gross Domestic Product, GDP, grew in third quarter of 2017 by 1.40 per cent in real terms, the National Bureau of Statistics, NBS, said on Monday.

In a report titled ‘Nigeria Gross Domestic Product Report’, the NBS noted that the development represents the second consecutive positive growth since the emergence of the economy from recession in the second quarter of 2017.

The report explained that the growth is 3.74 per cent points higher than the rate recorded in the corresponding quarter of 2016, put at –2.34 per cent. It also revealed that the figure is higher by 0.68 per cent points from the rate recorded in the second quarter of the same year, put at 0.72 per cent.

The second quarter growth figure was revised to 0.72 per cent from 0.55 per cent, following revisions by NNPC to oil output which hence led to revisions to Oil GDP .

Further analysis shows that quarter on quarter, real GDP growth was 8.97 per cent while ‘Year to date Real GDP’ growth stands at 0.43 per cent.

In the quarter under review, aggregate GDP stood at N29.5 trillion in nominal terms, the NBS said. The growth figure is higher when compared to N26.5 trillion in third quarter of 2016, resulting in a Nominal GDP growth of 10.98 per cent.


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  • Omooba Adekunle Orafidiya

    I am taking this with a pinch of salt. The truth of the matter is that my own economic outlook and that of numerous other folks that I know remains gloomy. So, NBS is at liberty to continue to concoct meaningless statistics. Nothing can change the fact that this APC government that illiterate certificate forger and perjurer Muhammadu Buhari heads is an unmitigated disaster, a choreographed catastrophe and an orchestrated calamity.

    • Usher- Join The Revolution

      OK. pffff..

    • Oladele

      Omooba, chill now! GDP or PDP grew by 1.4%. Certificate is not the only means of judging a man. The former Brazilian President didn’t pack higher degrees too but there was never anytime in the history of Brazil that there was so much prosperity. I am willing to give Buhari a chance if he can grow some ball. Sack one or two persons like Malami. We ought not to be in recession if not incompetent finance and legal team he has.

      • tundemash

        Omo Oba of which kingdom? The mor0n is omo ole used to living off the looting spree under PDPigs.

    • persona

      Glad your outlook is dim…you also seem not to have a good outlook and you may remain so.
      The same NBS didn’t hide it from Nigerians that we were in a recession and now that we are “gradually” crawling out, you like the past…its ok and it looks good on you.
      You can hate the president and the party in power but you cant dispute empirical analysis which had over 3 data points in comparison with a year that you still have as your outlook.
      For so many of your fellow “outlookers” that claimed that no country gets out of recession unless after 4 years, i guess, the man with no certificate doesn’t obey the laws of economics.

      • emmanuel

        Kemi and the Vice President told us about fourteen months ago that recession was a mere word, like you are talking today, which presupposes ignorance.
        Economic measurements are not carried out by philosophical constructs. They are measures of economic activities.
        What is done in recent times in Nigeria are more philosophical and religious optimisms, without deliberate plan to ensure recovery.
        These same economic lame ducks set up a ERGP which they do not know how to implement, so they they import a Malay to come implement their useless document.
        My position when the ERGP was unveiled last year still remains – these people are just blank and know nothing about economy.
        That document shall remain in the archives forever and the cost of preparing it should be written off as loss.

        • persona

          Is it about your anger or being right?
          There is no philosophy here, they told you to not resign to fate but to have a better outlook. As long as there is traction in growth since the recession, you are allowed to get upset as much as you like.
          My own position is not that of praise singing but its my country and citizens that i care about. The depth we sank is same we are crawling out of right now. When they get it right, i support them, when they go astray. i kick them…simple

      • Omooba Adekunle Orafidiya

        Moronic you have no right to circumscribe my freedom of expression. You are on the lunatic fringe. I stand by my post.

        • persona

          Ignorance is bliss

    • david

      Guy … Gala don get muscle oooo… U no see as 50 naira gala don big again? Pepsi na 100 Naira again… Even indomie sef don come down from the high price of early to Mid 2016… Abi I lie… This is d forst time prices will come down after going up oooo. I don spend over 35 years for this naijaj ooo

    • tundemash

      Was there a time your economy wasn;t gloomy Omo Ole Orafidiya?

      • Omooba Adekunle Orafidiya

        Omoale tundemash, may God punish you. Olori buruku.

  • emmanuel

    This is a big lie and fraud from the same NBS that churned out fake drop in consumer inflation.
    Common sense tells me that if Gala that sold for N50.00 has been reduced by half to N50.00 while the initial size is now N100.00, Coca Cola 50 CL has been reduced by half with the price of the new variant now what the 50 CL used to be, same for pepper, electric bulb, litre of Kerosine, Vegetable Oil, body cream, furniture, computer hard drive, etc, it suffices to say consumer inflation has risen by over 100% – this is common sense and not economics.
    In economics, when a country enters into stagflation, the inflation rate in most cases is over 100% and that is where Nigeria is today. Unfortunately, there is no local production or importation going on, coupled with unemployment rate at abysmal level.
    The implication, is that systemic equilibrium has dropped to near zero production level. It is with this same state that the phantom real GDP has grown at 3.74%. This is official fraud, which IMF and World Bank would congratulate Nigeria for it soonest.
    Two months down the line, the APC would cry again over the bitting recession.
    I do not know how real GDP will grow at such a rate when economic activities generally declined.
    I suspect NBS fundamentals do not take Nigeria aggregate activities in producing their fake report.

    • persona

      Why are you always embracing evil reports?
      When NBS could have been influenced to say we were not in a recession, they gave figures to tell the world. The same results have been put forward again with a growth that suggest we are crawling out gradually and all you say is, fake news?
      Chief, you may not like the government or the party, clearly APC came second over PDP in Anambra, election was free and fear even as IPOB tried to use scaremongering…when there is progress, lets acknowledge, when they get ot wrong, we kick their butt…don’t be a hater.

    • MNO

      Oga, stick with the fundamentals as released by the expert statisticians not your hate laden analysis. I can real out some products that have dropped in prices eg Pepsi, Some brands of consumable, groceries ala rice, beans, gari and a host vegetables goods. Yes, the growth is nominal and even more worrying is the contracting non-oil sector growth especially the the manufacturing. However, its from nominal you inch up to real growth. No nation burst out of reception into real growth in all sectors, it takes some real work & time. The US under Obama took nearly 6 yrs of over 10trillions usd borrowing and consistent hard work to see real growth in its economy after 2008 global meltdown. So, let’s celebrate the progress however marginal. Hate or love them, pmb/Osinbajo and their team are doing somethings right that’s impacting positively on the economy. The Agric sector growth is one area that should be commended by all. Let’s keep prodding the govt on and jettison the prisms of hate & bigotry in analysing govt activities. If the nation prospers, Nigerians of all creeds & believes ll be the better for it.

      • emmanuel

        Pepsi price drop is a price war with Coca Cola; since the latter came up with smaller PET size to appeal to the market and stay on top of competition. This is an exceptional case and would be re-adjusted soon.
        The prices of groceries dropped as usual during and immediately after the rains. This is also returning back to higher prices.
        Those who understand economic trends know what i am talking about, because they are seasonal trends/variation.

        • Powerlessconscious

          That is how food price drop in Britain every year, illiterate.

        • MNO

          How convenient! if you can adduce the rains as reason groceries price drop now why wont accept the sun as reason for price increase in dry season? so, pepsi would want to sell at a loss as a competitive strategy?
          This is precisely the reason I said you should stick with recognised (NBS) experts say and not what your sentiments make you see.

  • Allwell

    Now this is real growth! We will get to double digits soon by God’s grace.

    • emmanuel

      What is the real growth? A dead and decaying economy cannot experience real growth, the least is a nominal growth, which cannot be sustained over Long Run. This is because short run aggregate supply has has become flattened since first quarter of 2016 at an equilibrium less than the country’s natural state of employment or production.

      • Pawa2

        You talk out of ignorance. You call 1.4% unreal and nominal growth. What do you mean by nominal economical growth? It is phrase that means nothing. Many countries celebrate 0.2% hrowth. For the biggest economy in Africa, 1.4% is very significant.

        • emmanuel

          Hahahahaha, you should make attempt to get informed on issues in which you have interest; i assume you are only interested in APC rhetorics than true state of Nigeria. Unfortunately, you seem more of a visceral person than a cerebral mind.
          My first post on this report should have helped you to understand the issue at stake and the report. All relevant fundamentals used for measuring real GDP in an economic system are in the negative so, there could not have been real GDP growth.

          • Pawa2

            How does one respond to an ignoramus like you? You ooze shit from your brain. If the GDP they have calculated is wrong, why don’t you tell us the real GDP; using the so-called ‘negative fundamentals’. You are a real weirdo and an empty vessel.

          • emmanuel

            Help yourself out of ignorance by reading about issues before you comment especially in areas that are strange to you, because you are too far removed from civilisation.
            I am sure you would not pass the Kaduna teachers primary four examination.

          • Pawa2

            You talk rubbish. Go and address that. Nobody in your family will pass any exam.

          • Powerlessconscious

            You no go school Jo. Na hatred for buhari influenced your reasoning. You need to go to school.

        • Allwell

          God bless you

      • Allwell

        It’s not about what u assume, it’s reality we are talking about.

    • Epsilon_Delta

      We pray for growth that can be felt by the masses, not newspaper growth. We get 2hr of electricity in a day now… which kind growth be that? Na cancer oooh!

      • Powerlessconscious

        We get 2hrs of electricity. Who are we?

        Also, only a peace in the Niger delta and propelled stable power supply in Nigeria. Otherwise, nothing can be achieved in short run.

        • Epsilon_Delta

          “We” are Nigerians, unless you are from the moon… Epsilon-delta is a mathematical notation and has nothing to do with niger-delta. Look I have no time for your cheap propaganda.

  • goddy

    PDP prayer warriors oya! take over the floor.

  • goddy

    PDP prayer warriors oya! take over the floor.

  • thusspokez

    Nigeria’s Gross Domestic Product, GDP, grew in third quarter of 2017 by 1.40 per cent in real terms, the National Bureau of Statistics, NBS, said on Monday.

    Good news! Let’s hope that it is sustained, so that some of us can start investing in Nigeria again.

    • Liberty

      Halleluyah!
      What a great Monday today would, with this remarks.

      • thusspokez

        I don’t know what you are so excited about in my comment.

    • Oladele

      …I have piggy bank at home, where and when can I see you to mobilise your investment? You need not worry I obey the ten commandments!

      • thusspokez

        …I have piggy bank at home

        Small change; not the sort of money I would be interest in. You might want to put it in a deposit account and receive 0.5-1% in annual interest — which is obviously better than zero interest from a piggy bank.

        • emmanuel

          Why not advice him to engage in peasant farming with it; in a world where mechanised farming is the rule and human capital innovativeness are the driving force in the emerging world?
          While the world race into value innovation in advancing the course of humanity, Nigeria is celebrating open cattle grazing and peasant farming.
          What a backward people.

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    • euoton

      Don’t deceive nigerian wiith these stuff.

      • Suleiman Alatise

        Nigerians shouldn’t deceive themselves rather.

  • Dr Pat Kolawole Awosan

    Nigeria economy is on the right track as anti-corruption war impacts our fiscal sector and the economy, regains its strength as
    Nigeria,s civil Federal civil-service has succeeded of wielding out over 40-thousands fake civil servants from the Federal pay-roll, and the Federal civil service, continues to upgrade its pay-roll because, if Nigeria Federal pay-roll can be digitized then our Federal pay-roll system as well as state roll system will be standard and transparent clean.

    • emmanuel

      These are corruption: Buhari, Kyari, Baru, Maina, Malami, Magu, Ibrahim Lawal, Oke, Grasscutter, Dambazzau, Burutai, Fashola, Amaechi, Fayemi. So what is anti-these people that has impacted positively on your fiscal sector?

      • Powerlessconscious

        Why are you always sad all the days of your life because of pmb?

  • King Bibinama

    Of course oil price is rising again as is production and export of crude from Niger delta. And of course the looting spree…