Nigerias economy grows 1 4 third quarter nbs
According to the National Bureau of Statistics (NBS) in Nigeria, the country's economy grew by 1.4% in the third quarter of 2022. This represents a slight improvement from the 0.9% growth recorded in the second quarter of 2022.
The NBS reported that the growth was driven by a 2.3% expansion in the non-oil sector, which includes agriculture, manufacturing, and services. The oil sector, on the other hand, contracted by 2.1% due to a decline in crude oil production.
Here are some key highlights from the NBS report:
- GDP growth: The country's Gross Domestic Product (GDP) grew by 1.4% in Q3 2022, compared to 0.9% in Q2 2022.
- Non-oil sector growth: The non-oil sector expanded by 2.3% in Q3 2022, driven by growth in agriculture, manufacturing, and services.
- Oil sector contraction: The oil sector contracted by 2.1% in Q3 2022, due to a decline in crude oil production.
- Agriculture growth: The agriculture sector grew by 2.5% in Q3 2022, driven by an increase in crop production and livestock farming.
- Manufacturing growth: The manufacturing sector grew by 1.4% in Q3 2022, driven by growth in the production of food, beverages, and tobacco products.
- Services sector growth: The services sector grew by 1.9% in Q3 2022, driven by growth in the financial, real estate, and transportation sectors.
Overall, the NBS report suggests that Nigeria's economy is slowly recovering from the challenges it faced in 2020 and 2021, including the COVID-19 pandemic and a decline in oil prices. However, the country still faces significant challenges, including a high level of unemployment, inflation, and a large trade deficit.