Agency says Nigeria's GDP increased by more than 2% in Q4 2015

According to various media reports, Nigeria's National Bureau of Statistics (NBS) has announced that in the fourth quarter (Q4) of 2015, Nigeria's Gross Domestic Product (GDP) grew by 2.11 per cent to 2015.

According to the Q4 2015 GDP report released by the bureau yesterday, the 2.11 percent was lower by 0.73 percent from growth recorded in the preceding quarter, and also lower by 3.83 percent from growth recorded in the corresponding quarter of 2014. On quarter basis, the real GDP increased by 3.10 percent, Innovation Village reports.

During the period under review, oil production stood at 2.16million barrels per day (mbpd), 0.3 percent lower from Q3 of 2015, according to the report.

The report also showed that in Q4, aggregate GDP was valued at N25,930,469.41 billion in nominal terms, compared to the N24,930,863.34 billion recorded in the fourth quarter of 2014.

“During the quarter, aggregate GDP stood at N25,930,469.41 billion (in nominal terms) at basic prices. Compared to the Fourth Quarter 2014 value of N24,205,863.34 billion, nominal GDP was 7.12 percent higher. Nominal GDP growth was also higher relative to growth recorded in Q3 of 2015 by 1.11 percent points," the report stated.

In the report, the bureau said growth rate in the Non-oil sector was essentially driven by 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 per cent) and Q4 of 2014 (91.03 per cent),” the report read.