Nigeria GDP Growth at 2-Year Low

The Nigerian economy expanded 3.96 percent year-on-year in the first three months of 2015, the lowest growth since the last quarter of 2012. It was the third straight quarter of slowdown as lower oil prices and supply constraints dragged the oil sector down.
NBS | Joana Taborda | 7/2/2015 11:34:37 AM
The oil sector shrank 8.15 percent, worst than a 6.6 percent contraction a year earlier. Oil production stood at 2.18 million barrels per day (mbpd) in the first quarter of 2015, the same level as in the preceding period but 0.08mbpd lower than a year earlier. As a result, industrial production shrank 2.53 percent (+7.96 percent in Q4): Manufacturing declined 0.7 percent, boosted by oil refining (-53.85 percent) and textile apparel and footwear production (-5.23 percent); Electricity, gas, steam and water supply slowed by 27.92 percent; and mining and quarrying contracted 7.91 percent. In contrast, construction grew 11.17 percent.

Services expanded at a faster 7.04 percent, compared with a 6.15 percent rise in the previous period. Information and communication sector grew 9.49 percent; internal trade went up 6.47 percent; finance and insurance grew 9.01 percent and real estate activities increased 3.08 percent. Also, other services real GDP grew by 21.06 percent.

Agriculture expansion accelerated to 4.7 percent (+3.64 percent in Q4). Crop production was the main driver of growth in this sector with a growth share of 82.57 percent.

The economy advanced 5.94 percent in the last quarter of 2014 and 6.21 percent a year earlier. 

On a quarterly basis, the GDP shrank 11.57 percent in the first quarter of 2015.

Nigeria GDP Growth at 2-Year Low