Nigeria’s Gross Domestic Product grows by 2.11 %

 Nigeria’s Gross Domestic Product (GDP) grew by 2.11 per cent year-on-year in real terms in the fourth quarter of 2015.

This is contained in the Nigerian GDP report for the fourth Quarter 2015 released by the National Bureau of Statistics (NBS) on Wednesday in Abuja.

The report said that GDP was lower by 0.73 per cent points from growth recorded in the preceding quarter.

It said it was also lower by 3.83 per cent points from growth recorded in the corresponding quarter of 2014; quarter on quarter, real GDP increased by 3.10 per cent.

“During the quarter, aggregate GDP stood at N25, 930,469.41 million (in nominal terms) at basic prices.

“Compared to the fourth quarter 2014, at value of N24, 205,863.34 million, nominal GDP was 7.12 per cent higher.

“Nominal GDP growth was also higher relative to growth recorded in third quarter of 2015 by 1.11 per cent points,’’ the report said.

The report noted that the Nigerian economy could be more clearly understood according to the oil and non-oil sector classifications.

During the period under review, the report said that oil production stood at 2.16 million barrels per day (mbpd), 0.3 per cent lower from production in third quarter of 2015.

It said that oil production was also lower relative to the corresponding quarter in 2014 by 1.0 per cent when output was recorded at 2.19mbpd.

The report said that growth in the non-oil sector was largely driven by the activities of trade, crop production, and information and communication, other services and real estate.

“The non-oil sector grew by 3.14 per cent in real terms in fourth quarter of 2015.

“This was 0.08 per cent points higher from third quarter of 2015, yet 3.30 per cent points lower from the corresponding quarter in 2014.

“In real terms, the non-oil sector contributed 91.94 per cent to the nation’s GDP, higher from shares recorded in third quarter of 2015 (89.73%) and fourth quarter of 2014 (91.03%),’’ it said.