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.

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

NBS | Joana Taborda |
3/8/2016 6:56:56 PM