Nigeria’s statistical authority, NBS, says that the economy grew by 2.84% year-on-year in Q3 2015, up by 0.49% from the preceeding quarter.
It said growth of the oil sector increased by 1.06% (year-on-year) in Q3 of 2015, and 4.65% points from the corresponding quarter of 2014, as oil production rose to 2.17 million barrels per day (mbpd) up from 2.05 mbpd production in the Q2 2015.
Growth in the Non-oil sector grew by 3.05% in Q3 2015, 4.45% points lower than the corresponding quarter in 2014. It said non-oil growth was largely driven by the activities of Crop Production, Financial Services, Telecommunications, and Trade
Non-Oil sector contributed 89.73% to the nation’s GDP, while the Oil sector represented 10.27% of GDP.
The new numbers come as a surprise.
Analysts surveyed by Nairametrics received the GDP numbers with mixed feelings, as the general consensus was that growth would actually decline from its Q2 levels.
Factors prevailing in the economy, which continued into Q3 from Q2 appeared very restrictive to growth. As the conditions did not ameliorate significantly, growth was not expected to rebound until much later.