Nigeria's economy improves as GDP rises from 2.21% to 2.28 percent
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Nigeria's economy improves as GDP rises from 2.21% to 2.28 percent

The nation’s gross domestic product (GDP) increased by 0.16% in three months according to the latest data released by the Nigerian Bureau of statistics NBS.

The NBS in a statement on Friday, 22 November, disclosed that GDP grew by 2.28% in the third quarter compared to 2.12% in the second quarter of 2019.

The data by the NBS showed that the average daily oil production in the quarter was 2.04 million barrels per day.

The information stated that the growth rate in the third quarter of 2019 represents the second-highest quarterly rate recorded since 2016.

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Other indices showed that the mining and quarrying sector grew by 5.98% in Q3 2019. quarrying and other minerals exhibited the highest growth rate of all the sub-activities at 58.03%, followed by coal at 43.68%.

Food prices shoot up as Nigeria's inflation for October rises to 11.61% - NBS

The agricultural sector grew by 14.88% in Q3 2019, showing a decline of –3.44% points from the same quarter of 2018.

In another report, the NBS disclosed that Nigeria’s inflation rate rose to 11.61% in the month of October 2019.

The data released by the NBS on Monday, November 18, showed that the urban inflation rate stood at 12.20% while the rural inflation rate was recorded at 11.07 per cent in October 2019.

The NBS stated that the composite food index rose by 14.09% in October 2019 compared to 13.51% in September 2019 on a year on year basis.

The data showed that the rise in the food index was caused by increases in prices of meat, oils and fats, bread and cereals, potatoes, yam and other tubers, fish and vegetables.

The NBS stated that inflation on a year-on-year basis was highest in Kebbi at 15.20% and lowest in Bayelsa at 9.07%. The information showed that for states food inflation was highest in Kebbi at 17.53%, Ondo at 17.01% and Ogun at 17%.

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Source: Legit

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