Gdp Growth Further Reveals Reliance On Oil

SAN FRANCISCO, March 08, (THEWILL) – The National Bureau of Statistics (NBS), in data made available to the public, has revealed that the economy grew at a lesser percentage than it grew in the third quarter (Q3) of 2015.

According to the NBS, in the Q4 2015, the nation's Gross Domestic Product (GDP) increased by 3.10 percent (quarter on quarter) and grew by 2.11 percent (year-on-year) in real terms which was 0.73 percent points lower from growth recorded in the preceding quarter and 3.83 percent points lower from growth recorded in the corresponding quarter of 2014.

During the Q4, aggregate GDP stood at N25,930,469.41 million (in nominal terms) at basic prices. Compared with the Q4 2014 value of N24,205,863.34 million, nominal GDP was 7.12 percent higher.

Nominal GDP growth was also higher relative to growth recorded in Q3 of 2015 by 1.11 percent points. The Nigerian economy can be more clearly understood according to the oil and non-oil sector classifications.

“During the period under review, oil production stood at 2.16 million barrels per day (mbpd) 0.3 percent lower from production in Q3 of 2015. Oil production was also lower relative to the corresponding quarter in 2014 by 1.0 percent when output was recorded at 2.19mbpd,” a statement by the NBS said.

The non-oil sector grew by 3.14 percent in real terms in Q4 of 2015. This was 0.08 percent points higher from Q3 of 2015, yet 3.30 percent points lower from the corresponding quarter in 2014. In real terms, the non-oil sector contributed 91.94 percent to the nation's GDP, higher from shares recorded in Q3 of 2015 (89.73%) and Q4 of 2014 (91.03%).

Growth in the non-oil sector was largely driven by the activities of trade, crop production and information and communication, other services and real estate.

Story by David Oputah