Nigeria GDP Expands 6.23% in Q3

The Nigerian economy advanced 6.23 percent year-on-year in the three months to September of 2014, marginally down from 6.54 percent in the previous period. Yet, the oil sector stalled, hurt by lower production and a fall in international prices.

Average crude oil production fell to 2.15 million barrels per day (mbpd) in the third quarter of 2014 from 2.21 mbpd in the previous period. The oil sector shrank 3.6 percent year-on-year, following a 5.14 percent expansion in the three months to June.  

The non-oil sector expanded 7.51 percent, compared with a 6.71 percent rise in the previous quarter. Growth was mainly driven by manufacturing (16 percent), particularly apparel and footwear, crop production (up by 4.34 percent) and activities in telecommunications (6.25 percent) and real estate (5.9 percent). 

On a quarter-on-quarter basis, the economy expanded 8.67 percent, following a 4.18 percent expansion in the previous period. 

Nigeria GDP Expands 6.23% in Q3

Nigeria National Bureau of Statistics | Joana Taborda |
11/17/2014 4:36:13 PM