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Oil sales boost GDP by 6.81%

By JONAH NWOKPOKU

Nigeria’s Gross Domestic Product, GDP, has accelerated by 6.81 per cent between July and October, according to the National Bureau of Statistics, NBS.

The Bureau in a statement, yesterday, attributed the growth to improvement in oil sales compared to the previous quarter.

It said: “Nigeria’s economic growth quickened in the third quarter as the oil industry’s contraction eased and agricultural output increased. Gross Domestic Product rose 6.81 per cent on an annual basis, the fastest pace this year, compared with 6.18 per cent in the second quarter.”

It explained that daily average crude oil production rose to 2.26 million barrels from 2.11 million barrels in the previous quarter.

The Bureau noted that although supply disruptions continued to hamper output in the oil sector, three major pi-pelines began pumping again between July and September.

It will be recalled that in the second quarter, the GDP increased 6.18 per cent year-on-year, the lowest expansion in more than four years.


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