Nigeria GDP Growth Slows Slightly in Q4

The Nigerian economy advanced 5.94 percent year-on-year in the last three months of 2014, slightly down from a 6.23 percent increase in the previous period. It is the lowest figure in five quarters due to a slowdown in the services sector.

Services expanded 6.15 percent, compared with a 7.61 percent rise in the previous period. Internal trade went up 5.32 percent, slowing from a 6.81 percent increase in Q3; finance and insurance grew 8.14 percent and real estate activities increased 5.96 percent. 

The industrial sector accelerated to 7.96 percent (5.43 percent in Q3). Manufacturing advanced 13.47 percent, boosted by production of textile, apparel and footwear; food, beverage and tobacco and cement. Electricity, gas, steam and water supply expanded 2.81 percent, recovering from a 21.57 percent drop in the previous quarter; mining and quarrying rebounded to 1.36 percent and construction grew 12.66 percent.

Agriculture grew at a slower 3.64 percent (4.47 percent in Q3).

The oil sector went up 1.18 percent, rebounding from a 3.6 percent drop in the third quarter. Average daily production of crude oil increased to 2.18 million barrels per day from 15 mbpd.

On a quarter-on-quarter basis, the economy expanded 3.84 percent, slowing sharply from an 8.67 percent increase in the previous period.

Considering full 2014, Nigerian GDP increased 6.22 percent but for 2015, the statistical official forecasts growth at 5.54 percent. 

Nigeria GDP Growth Slows Slightly in Q4

Joana Taborda |
2/23/2015 1:01:06 PM