Services sector contributes 55.45% to GDP in Q1 2017

There is a general ease in the economic contraction of the Nigerian economy as these numbers show that there is a boom but we are still in recession.

Prof. Yemi Osinbajo, Nigeria's Acting President, speaking on Nigerian economy during WEF 2017

Though, the economy contracts by 0.52% in the same quarter, all sectors except the Agriculture witnessed an increase in their productivity level.

Nominal GDP of Nigeria stood at N26.03trillion, which indicates a nominal GDP growth rate of 17.06% compared to 11.36% recorded in the same quarter of 2016.

Also, sectoral performance shows that the Manufacturing sector recorded 16.63% growth, Services grew by 14.95%, Public Administration sector grew by 10.73% while Agricultural sector grew by 3.39% compared to 4.11% in last quarter of 2016.

The capital importation into Nigeria also increased within the period, with more foreign investors showing more interest in the service sector. Information and Technology sub-sector attracts $130.98 million, or 20.24% of the total capital inflow into the economy.

Dr Yemi Kale, Statistician General of the Federation noted that the performance of the economy within the period was determined by the level of activities in seven major sectors and sub-sectors of the economy. Some of which include Agriculture, Trade, crude Oil production, manufacturing, real estates and telecommunication.

“…performance of these sectors determine 70% of the Nigerian GDP. And whatever happens in these sectors determine the trend and where the GDP will go.”

Dr Kale also noted that there is a general ease in the economic contraction of the Nigerian economy as these numbers show that there is a boom but we are still in recession.

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