Nigeria’s Bureau of Statistics (NBS) has announced that it will publish the fourth quarter 2017 Gross Domestic Product (GDP) Report on Tuesday 27th February 2018 at 9:00 am.
Yemi Kale, the country’s statistician-general/CEO Nigerian National Bureau of Statistics made the announcement on Friday, via his official Twitter handle.
In his tweet, “Q4 2017 & Full Year 2017 Gross Domestic Product Report will be Published Tuesday 27th February 2018 at 9 am”
Meanwhile, according to the last report released by NBS in November 2017, the nation’s GDP grew by 1.40 percent year-on-year in real terms in the third quarter.
The bureau stated that the figure showed the second consecutive positive growth since the emergence of the economy from recession in the second quarter.
The growth was 3.74 percent points higher than the rate recorded in the corresponding quarter of 2016, which was –2.34 percent, also higher by 0.68 percent points from the rate recorded in the preceding quarter, which was revised to 0.72 percent from 0.55 percent.
The second quarter was revised following revisions by NNPC to oil output and hence led to revisions to Oil GDP.
Quarter on quarter, the bureau stated that the real GDP growth was 8.97 percent. According to the report, the broad classification into the oil and non-oil sectors will give a clearer depiction of the Nigerian economy. In the period, the report stated that oil production was estimated at 2.03 million barrels per day (mbpd) on average, 0.15 million barrels higher than the revised daily average production recorded in the second quarter of 2017 (revised from 1.84 mbpd to 1.87 mbpd).
GDP, the broadest quantitative measure of a nation’s total economic activity, represents the monetary value of all goods and services produced within a nation’s geographic borders over a specified period of time.