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.

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

NBS | Yekaterina Guchshina |
11/17/2015 4:57:23 PM