The growth is pretty low considering Nigeria developing country. The growth is also being fueled by oil why non oil sector contracting a bit.

It was also stated that the non-oil sector grew by -0.76 percent in real terms during the reference quarter. This is lower by -0.79 percent point compared to the rate recorded same quarter, 2016 and -1.20 percent point lower than in the second quarter of 2017.

Blue3k:
The growth is pretty low considering Nigeria developing country. The growth is also being fueled by oil why non oil sector contracting a bit.

Therein lies the problem

WE are growing because oil is increasing. That is not real growth.

dipoolowoo:
By Modupe Gbadeyanka

In the third quarter of 2017, Nigeria recorded a growth in its Gross Domestic Product (GDP) by 1.4 percent, data released today by the National Bureau Statistics (NBS) revealed.

In the report obtained by Business Post, the stats office said this growth is the second consecutive positive growth since the emergence of the economy from recession in the second quarter of this year.

In the data released on Monday, NBS said, “This growth is 3.74 percent points higher than the rate recorded in the corresponding quarter of 2016 (–2.34 percent) and higher by 0.68 percent points from the rate recorded in the preceding quarter, which was revised to 0.72 percent from 0.55 percent (Q2 was revised following revisions by NNPC to oil output and hence led to revisions to Oil GDP).

It noted that quarter on quarter, real GDP growth was 8.97 percent year-to-date Real GDP growth stands at 0.43 percent.

In the quarter under review, aggregate GDP stood at N29,451,303.99 million in nominal terms higher when compared to N26,537,651.01 million in Q3 2016, resulting in a Nominal GDP growth of 10.98 percent.

“This growth is higher relative to growth recorded in Q3 2016 of 9.15 percent,” the stats office stated in the report today.

NBS further disclosed that in the period under review, oil production is estimated to have averaged 2.03 million barrels per day (mbpd), 0.15million barrels higher than the revised daily average production recorded in the second quarter of 2017 (revised from 1.84mbpd to 1.87mbpd).

Oil production during the quarter was higher by 0.42million barrels per day relative to the corresponding quarter in 2016, which recorded an output of 1.61mbpd.

It added that real growth of the oil sector was 25.89 percent (year-on-year) in Q3 2017. This represents an increase of 48.92 percent relative to rate recorded in the corresponding quarter of 2016.

Growth also increased by 22.36 percent when compared to Q2 2017 which was revised from 1.64 percent to 3.53 percent.

Quarter-on-Quarter, the oil sector grew by 21.10 percent in Q3 2017. As a share of the economy, the oil sector contributed 10.04 percent of total real GDP in Q3 2017, up from figures recorded in the corresponding period of 2016 and up from the preceding quarter, where it contributed 8.09 percent and 9.04 percent to GDP respectively.

It was also stated that the non-oil sector grew by -0.76 percent in real terms during the reference quarter. This is lower by -0.79 percent point compared to the rate recorded same quarter, 2016 and -1.20 percent point lower than in the second quarter of 2017.

This sector was driven this quarter mainly by Agriculture (Crop), Other services and Electricity, gas, steam and air conditioning supply.

In real terms, the Non-Oil sector contributed 89.96 percent to the nation’s GDP, lower than the share recorded in the third quarter of 2016 (91.91 percent) and in the second quarter of 2017 (90.96 percent).

https://www.businesspost.ng/2017/11/20/nigerias-gdp-records-1-4-growth-q3-nbs/

that is a jump of .9%.that is very good.hoping the oil price remain sustainable.

CROWNWEALTH019:
See lies

But it was the truth when the same NBS reported decline and recession?

Who did this to you guys?

CROWNWEALTH019:
See lies

every good news is lies and every bad new is the truth.


You better wish your country well cos I don't know ur gain celebrating bad news all the time.

cstr1000:
1.4%. Too poor for a developing country.
Those are numbers that should be expected for an economy that has already climaxed like the US or UK, not a developing country.

1.4% too poor for developing country? yet appreciating economy is better than depreciating... slowly and steadily Nigeria's economy is growing... that's good it might not be excellent.

PMB & PYO are working!

Very poor for a developing 3rd world economy

sarrki:
By the end of pmb | Osinbajo tenure

We will be self sufficient

I mean in 2023

if buhari was interested in your community,
if he knew what to do,
if he'd hit the ground running,
if he'd prioritized the nation over his health,
if he knew what true governance involved,
if he'd chosen competence over sycophancy-
you would have been self sufficient by 2019.
it's apity.

Mccullum:


1.4% too poor for developing country? yet appreciating economy is better than depreciating... slowly and steadily Nigeria's economy is growing... that's good it might not be excellent.

PMB & PYO are working!

it seems that if a careless driver runs a child over causing massive blood loss, u will praise him for using a tourniquet, while ignoring his criminal negligence.

wehdon

cstr1000:
1.4%. Too poor for a developing country.
Those are numbers that should be expected for an economy that has already climaxed like the US or UK, not a developing country.

Last quarter, the country grew at only o.5% and we were in recession before that. So this is a great improvement. Of course, for citizens to feel the growth, we should be seeing nothing less than 7% annually or at least 6%. But, we have not been investing in infrastructure that would have been a base for such growth

sarrki:

You never seized to be a patriotic Nigeria

I take God beg u- stop shooting scud missiles.
na 'ceased' u bin wan tok.
na beg i dey beg.

9jakohai:

Therein lies the problem
WE are growing because oil is increasing. That is not real growth.

Oil has always been our source of growth.

Blue3k:
The growth is pretty low considering Nigeria developing country. The growth is also being fueled by oil why non oil sector contracting a bit.

Truth is the growth in many of the non-Oil sector will be rather gradual and not immediate. That market has to be almost fully developed with many of its fundamentals gotten right.

aloeman15:


it seems that if a careless driver runs a child over causing massive blood loss, u will praise him for using a tourniquet, while ignoring his criminal negligence.

wehdon

It's different ball game, don't compare basketball with football is totally different in ways of playing with their rules and regulations.

NgeneUkwenu:
Independent PIGs Of Biafra (IPOB),

Nnamdi Cownu Urine Drinkers,

Worshipers Of Corrupt Jonathan and his ugly wife,

The self acclaimed enemies of Nigeria,

The Defeated Jews of Africa,

Will Never Be Happy About This Good News...

To you dis is good news? Go and collect your brain back and use it to think properly.

Mccullum:


1.4% too poor for developing country? yet appreciating economy is better than depreciating... slowly and steadily Nigeria's economy is growing... that's good it might not be excellent.

PMB & PYO are working!

Developing countries grow at the rate of 5% atleast. That is because there is a lot of avenues for growth unlike Developed Economies.
China grew for over 15% consistently in 10-20 years before they became an economic powerhouse.
Nigeria as at 2014 was growing at the rate of 6-7%. Even then, it was too small.

1.4% is too poor. Nearly insignificant.

cstr1000:

Developing countries grow at the rate of 5% atleast. That is because there is a lot of avenues for growth unlike Developed Economies.
China grew for over 15% consistently in 10-20 years before they became an economic powerhouse.
Nigeria as at 2014 was growing at the rate of 6-7%. Even then, it was too small.

1.4% is too poor. Nearly insignificant.

But China did not start to grow from 0.5% to 15% within one quarter.
In fact a jump from 0.7% (2017 Q2 GDP growth) to 1.4% (Q3 2017 GDP growth) , is a 100% increase. What matters is sustaining the growth rate over time. Nigeria will hit 15% in few years, if we continue on the growth path.

CROWNWEALTH019:
See lies

It was true when nbs said we are in recession. Why not now.
Stop hating your own country.

cstr1000:

Developing countries grow at the rate of 5% atleast. That is because there is a lot of avenues for growth unlike Developed Economies.
China grew for over 15% consistently in 10-20 years before they became an economic powerhouse.
Nigeria as at 2014 was growing at the rate of 6-7%. Even then, it was too small.

1.4% is too poor. Nearly insignificant.

See his mouth. What are you doing personally to help grow the economy.

You may hate the president. Should you hate your own country too.


Did Buhari caused the recession in the first place. This is good news and I hope
to see more progress.

9jakohai:


Dollar to Naira can only improve with oil going over $110 per barrel, and with you people putting pressure on PMB to make us go industrial.
Bag of rice prices will fall...only when we have enough forex...which means oil being above $110 per barrel.
Oil prices should have gone above N140 per liter if you lazy Nigerians had not forced GEJ to reduce prices back in 2012.Had you people allowed subsidy removal then, by now deregulation would have forced prices down.

Most of the subsidy savings would have ended up with Dasuki, Diezani and Dame