Nigeria’s real Gross Domestic Product (GDP) growth rate slowed to 2.11 per cent in the fourth quarter of 2015, according to the quarterly release from the Nigerian Bureau of Statistics (NBS) on Wednesday, According to NBS, the figure is lower by 0.73 per cent points from growth recorded in the preceding quarter and 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, while aggregate GDP stood at N25,930,469.41 million (in nominal terms) at basic prices.
When compared to the fourth quarter 2014 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 Q3 of 2015 by 1.11 per cent points.
Oil Sector
During the period under review, Oil production stood at 2.16million barrels per day (mbpd) 0.3 per cent lower from production in Q3 of 2015. 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 Non-Oil
NBS said 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 Q4 of 2015. This was 0.08 per cent points higher from Q3 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 Q3 of 2015 (89.73%) and Q4 of 2014 (91.03%).
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