Nigeria GDP Growth Expands the Most Since 2015

The Nigerian economy advanced 1.9 percent year-on-year in the fourth quarter of 2017, accelerating from a 1.4 percent growth in the prior period. It is the third consecutive quarter of expansion and the strongest since the fourth quarter of 2015, as the oil sector continued to recover.

The oil sector increased 8.38 percent year-on-year, following a 25.89 percent rise in the previous period.The country produced 1.91 million barrels of crude oil per day, up from 1.76 mbpd a year earlier. As a result, the oil sector accounted for 7.17 percent of GDP compared to 10.04 percent a year earlier. The non-oil sector went up 1.45 percent, after a 0.76 percent decrease in the previous period. 

Output expanded at a faster pace for: agriculture (4.23 percent compared to 3.06 percent in Q3); food and accomodation services (0.78 percent compared to 0.18 percent); electricity, gas, steam and air conditioning supply (16.03 percent compared to 11.46 percent);  water supply, sewerage, waste management and remediation (1.23 percent compared to 0.33 percent) and arts, entertainment and recreation (3.54 percent compared to 0.44 percent). Additionally, production rebounded for: manufacturing (0.14 percent compared to -2.85 percent); construction (4.14 percent compared to -0.46 percent) and internal trade (2.07 percent compared to -1.74 percent). Also, output recovered for transportation and storage (16.57 percent compared to -6.25 percent) and financial and insurance (0.22 percent compared to -5.96 percent). In addition, production fell at a softer pace for information and telecommunication (-1.46 percent compared to -4.48 percent); public administration (-0.45 percent compared to -0.72 percent); education (-1.04 percent compared to -1.22 percent) and social services (-0.38 percent compared to -0.85 percent). On the other hand, output growth slowed for mining and quarrying (7.96 percent compared to 25.44 percent). Also, real estate activities contracted further (-5.92 percent compared to -4.12 percent).

On a quarterly basis, the economy expanded 4.29 percent, easing from a 8.97 percent increase in the previous quarter. 

Considering 2017 as a whole, the Nigerian economy advanced 0.83 percent, after a 1.58 percent contraction in 2016.

Nigeria GDP Growth Expands the Most Since 2015

National Bureau of Statistics | Stefanie Moya |
2/27/2018 10:15:56 AM