Nigeria GDP grew 6.48% in third quarter

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Nigeria's economy grew 6.48 percent in the third quarter of this year, against 7.37 percent in the same quarter of last year, figures from the National Bureau of Statistics showed on Monday.

The report said the non-oil sector was “still the major driver of the economy”, recording 7.55 percent growth in the third quarter, compared with 8.76 percent in the same quarter last year.

The contribution of oil to the overall economy fell to 13.42 percent, from 14.28 percent over the same period, although oil production actually rose to 2.52 million barrels per day over the period, from 2.38 million bpd the previous quarter.

Inflation rose marginally in October, to 11.7 percent, compared with 11.3 percent in September. Food inflation accounted for a large portion of the increase, rising to 11.1 percent, compared with 10.2 percent in September. - Reuters



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