Nigeria GDP Growth Accelerates Slightly in Q3

The Nigerian economy grew by 2.84 percent year-on-year in the third quarter of 2015, following a 2.35 percent expansion reported in the previous period. The oil sector, accounting for nearly 11 percent of total production rebounded while services sector growth slowed.
NBS | Yekaterina Guchshina | 11/17/2015 4:57:23 PM
The oil sector expanded 1.06 percent year-on-year, rebounding from a 6.79 percent contraction in the previous quarter. Oil production stood at 2.17 million barrels per day (mbpd), 0.12mbpd higher than in the preceding period.

Industrial production shrank at a slower 0.13 percent (-3.31 percent in Q2): manufacturing declined 1.75 percent (-3.82 percent in Q2) and construction fell 0.11 percent (+6.42 percent in Q2) while mining and quarrying grew by 1.62 percent (-6.62 percent in Q2) and electricity, gas, steam and water supply rose 2.14 percent (-11.61 percent in Q2).

The non-oil sector advanced 3.05 percent, slowing from a 3.46 percent increase in the previous period. Services expanded at a slower 3.97 percent, compared with a 4.67 percent rise in the previous period. Information and communication grew 5.27 percent (+6.26 percent in Q2); internal trade went up by 4.4 percent (+5.07 percent in Q2); and real estate increased 2.06 percent (+2.97 percent); while finance and insurance grew at a faster 6.57 percent (+6.41 percent in Q2).

Agriculture grew 3.46 percent, lower than a 3.49 percent expansion in Q2.

Quarter on quarter, real GDP increased by 9.19 percent, following a 2.57 percent growth in the previous period.

Nigeria GDP Growth Accelerates Slightly in Q3