Nigeria GDP Growth Slows in Q4

The Nigerian economy advanced 2.11 percent year-on-year in the fourth quarter of 2015, slowing from a 2.84 percent expansion in the previous period and below market expectations of a 2.6 percent increase. It is the lowest growth rate since at least 2005 as lower oil prices keep hurting the oil sector, dragging government revenues down and weakening the naira.
NBS | Joana Taborda | joana.taborda@tradingeconomics.com 3/8/2016 6:56:56 PM
Oil production stood at 2.16 million barrels a day in the last three months of 2015, lower than 2.19 million barrels a day in the previous year. As a result of lower production and falling prices, the oil sector shrank 8.28 percent year-on-year. Industrial production slumped 3.04 percent, following a 0.13 percent drop in the previous period and falling for the fourth straight quarter. Agriculture rose 3.48 percent, slightly up from a 3.46 percent gain in the previous period and services grew at a slower 3.69 percent (3.97 percent in the previous period).

Quarter-on-quarter, the GDP advanced 3.1 percent, following a 9.19 percent growth in the previous period.

Considering full 2015, the economy expanded 2.79 percent, much lower than a 6.22 percent increase in 2014. Services drove the expansion (up 4.78 percent), followed by agriculture (up 3.72 percent) while industrial output fell 2.24 percent. The oil sector shrank 5.45 percent, following a 1.32 percent drop in 2014.

Nigeria GDP Growth Slows in Q4