Economic growth in the fourth quarter of 2015 slowed to 2.11 per cent in the fourth quarter of 2015 from 5.94 per cent a year earlier as a result of lower oil prices, the Nigerian Bureau of Statistics (NBS) said yesterday.
The NBS said oil production was 2.16 million barrels per day in the fourth quarter of the year, slightly lower than 2.17 million barrels recorded in the third quarter. Quarter on quarter, real GDP increased by 3.10 per cent.
During the quarter, aggregate GDP stood at N25.93 trillion (in nominal terms) at basic prices. Compared to the fourth quarter 2014 value of N24.2 trillion, 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 Nigerian economy can be more clearly understood according to the oil and non-oil sector classifications
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.
As a result, real growth of the oil sector slowed by 8.28 per cent (year-on-year) in Q4 of 2015. This represents a decline relative to growth recorded in Q4 of 2014 recorded at 1.18 per cent. Growth also declined by 9.33 per cent points relative to growth in Q3 of 2015. Quarter-on-Quarter, growth also slowed by 19.10per cent.
As a share of the economy, the Oil sector contributed 8.06 per cent of total real GDP, down from figures recorded in the corresponding period of 2014 and in Q3 of 2015 by 0.91 per cent points and 2.21 per cent points respectively.
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.
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