Nigeria economy dey grow?

Nigeria economy grow between July and September by 3.46 percent, according to di figures wey national bureau of statistics release on Monday.

Dis figures show how di economy perform for di third quarter of President Bola Tinubu administration.

So wetin be GDP and wetin all dis mean for Nigeria economy? We go explain inside dis tori.

Wetin be GDP?

GDP na measure of all di economic activity of companies, goment and di pipo for di kontri.

For Nigeria, NBS dey publish new GDP figures evri month. Quarterly figures – dey cover three months at a time - and dis dey carry more weight.

Breakdown of Nigeria GDP

NBS say Nigeria GDP grow by 3.46 percent in real terms for di third quarter of 2024, dis high pass di 2.54 percent for di third quarter of 2023 and 3.19 percent for second quarter of 2024.

Na di services sector (services sector mean consulting, banking legal practise, FinTech etc) wit growth rate of 5.19 percent, be di primary driver, wey contribute 53.58% to di GDP.

So di, GDP stand at ₦20.12 trillion, up from ₦18.29 trillion in second quarter of 2024 and ₦19.44 trillion for third quarter for 2023. Nominal GDP na ₦71.13 trillion, dis reflect 17.26% year-on-year growth.

Key contributors to real GDP

Na Crop Production (26.51%), Trade (14.78%), Telecommunication (13.94%), Crude Petroleum (5.57%), and Real Estate (5.43%).

For di broad sectors, Agriculture grow by 1.14%, Industry by 2.18%, and Services by 5.19%. Agriculture contributed 28.65%, Industry 17.77%, and Services 53.58%, with the Services sector showing the largest year-on-year improvement.

Di oil sector grow by 5.17%, e contribute 5.57% to GDP, di daily production dey at 1.47 mbpd.

Non-oil sector contribute 94.43%, and na Crop Production, Trade, Telecommunication, and Real Estate push am.

Most economists, politicians and businesses dey like make GDP dey rise.

For dem if e rise e mean say pipo dey spend more, and economic activities dey move well.

Wen GDP fall, e mean say di economy dey shake - and dis na bad news for businesses and workers.

If GDP falls for two quarters in a row, dem dey call am recession, dis fit lead to pay job loss and oda economic issues.

Wetin be GDP per capita?

Just becos GDP dey rise, no mean say di standard of living for pipo dey improve.

If a kontri population dey increase, e go push GDP up, becos wit more pipo, dem go spend more money .

But individuals within dat kontri fit no dey get more money. On average dem fit dey poor even while di GDP dey go up.

Wetin dey happun to Nigerian economy?

Adebisi Iyaniwura a legal and financial expert tell BBC Pidgin say di new GDP figures ''look suspicious'' im add say im no dey happy wit am.

''E dey obvious say di kontri economy presently dey ICU'', Oga Iyaniwura tok.

All di stakeholders except di goment and dia pipo get a different view on di economy.

According to Oga Iyaniwura goment go need very serious measures to address di economic wahala wey di kontri dey face.

Cost of living and inflation dey very high since President Tinubu remove fuel subsidy last year.

''One of di tins dem need to do na to put value on di Naira (Naira na Nigeria official currency) so dat di increase purchasing power go fit impact di real sector''. Iyaniwura tok.

Wetin be di future of Nigerian economy?

President Bola Tinubu assure Nigerians say di economy go better as im react to di NBS figures.

For inside statement e say "I dey excited by di latest report from di National Bureau of Statistics say our economy grow for di third quarter more than last quarter and even beyond projected estimates''. President Tinubu tok

While I welcome dis development, di latest figure also show say we get plenty work to do. We no go rest until Nigerians feel di positive impacts for dia pockets and experience a better living standard. My administration dey committed to di welfare of our pipo."

Meanwhile Oga Iyaniwura no expect Nigeria economy to change in di coming months.

Di financial and legal analyst believe say 2025 go tough pass 2024.

Im dey predict say Naira go fall more and inflation go still rise.

''VAT dey increase ; di manufacturing and real sectors dey die, so unemployment go increase too''. Oga Iyaniwura tok

''To run a kontri wit palliatives no go grow di economy. Di goment need to work on creating di environment for a more efficient economy''. Oga Iyaniwura add.