Nigeria’s aggregate Gross Domestic Product (GDP) when analysed in nominal terms at basic prices rose to N25,930,469.41 million (about N25.930 trillion) at the end of fourth quarter (Q4) last year as against the N24,205,863.34 million (about N24.205 trillion) it recorded at the end of 2014.
When compared to the Q4, 2014 value, the nominal GDP increased by 7.12 per cent points as at the end of Q4, 2015 and the nominal GDP growth was also higher relative to growth recorded in Q3 of 2015 by 1.11 per cent points.
A report on the nation’s GDP as at the end of the quarter under review (Q4) by the National Bureau of Statistics (NBS) indicated that the GDP recorded 2.11 per cent growth rate in the quarter compared to 2.84 per cent growth rate recorded in the preceding quarter. (Q3).
The growth rates for the first and second quarters of the year were 3.86 per cent and 2.35 per cent respectively.
A further analysis of the statistical agency’s report showed that the Q4 growth rate was lower by 0.73 per cent relative to the growth recorded in the preceding quarter and by 3.83 per cent in the corresponding quarter of 2014.
The NBS reported that growth in Q4 was largely driven by the nonoil sector, which contributed 91.94 per cent to the nation’s GDP in real terms. Specifically, it hinted that growth in the non-oil sector depended largely on activities of trade, crop production, information and communication, other services and real estate.
According to the Bureau, the nonoil sector grew by 3.14 per cent in real terms in the quarter under review, representing a rise of 0.08 per cent up from the Q3 of 2015 growth estimates but lower by 3.30 per cent of the corresponding quarter in 2014.
In contrast, the oil sector growth contracted, as daily oil output fell to 2.16 million barrels per day (mbpd) in the fourth quarter or 0.3 per cent lower than the 2.17mbpd produced in Q3 of 2015. The agency reported that oil production was also lower relative to the corresponding quarter in 2014 by 1.0 per cent while output stood at 2.19mbpd.
This is even as it stated that real growth of the oil sector slowed by 8.28 per cent (year-on-year) in Q4 of 2015, representing a decline of 1.18 per cent relative to growth recorded in Q4 of 2014. It also noted that growth also declined by 9.33 per cent relative to growth in Q3 of 2015, while quarter-on-quarter, growth also slowed by 19.10 per cent.
Despite its sluggish performance, the Bureau reported 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 and 2.21 per cent respectively
