Nigeria’s economy grew by 0.83% in 2017-NBS
Nigeria’s economy has recorded growth of 0.83 per cent as of close of the year 2017, following its worst recession in 2016, latest data released by Nigeria Bureau of Statistic (NBS) has showed.
The Statistics of office on Tuesday, disclosed in its fourth quarter (Q4) 2017 report, that the Gross Domestic Product (GDP), showing the Nigerian economy has expanded for the third consecutive quarter (Q3), with real GDP growing by 1.92per cent y/y as against 1.40 per cent y/y in the previous quarter.
The GDP figure shows that the oil sector grew by 8.38per cent (compared to 25.89per cent in Q3 of 2017.
The NBS estimated that crude oil production during the three months period to be 1.91mb/d, 0.12mb/d lower than the 2.03mb/d reported in Q3-17, but marginally ahead of the 1.90mb/d achieved in Q4-2016.
According to NBS, “Compared to Q3-17, the oil sector contracted by 25.52per cent, contributing 7.17per cent of total GDP (vs. 6.75per cent and 10.04per cent in the corresponding quarter of 2016 and Q3-17 respectively) during the review period. Overall, in 2017, the oil sector grew by 4.79per cent.
“Output in the non-oil sector expanded, growing by 1.45per cent y/y in Q4-2017, 178 bps and 221 bps higher than the rates recorded in the corresponding quarter of 2016 and in the previous quarter respectively.
“The non-Oil sector contributed 92.83per cent to total GDP, (vs. 93.25per cent and 89.96per cent in the corresponding quarter of 2016 and Q3-17 ,respectively).
“For 2017, non-oil GDP was 0.47per cent, vs. -0.22per cent in 2016.
“A breakdown of three of the biggest components of the GDP shows that services grew by 0.10per cent y/y (vs. -2.66per cent y/y in Q3-17 and -1.52per cent y/y in Q4-16).
“Also, agriculture grew by 4.23per cent y/y (vs. 3.06per cent y/y in Q3-2017 and 4.03per cent in Q4-16) while manufacturing grew by 0.14per cent y/y – compared to -2.85per cent in Q3-17 and -2.54per cent in Q4-16.
“In terms of contribution, services, agriculture, and industries, respectively, accounted for 53.45per cent, 26.18per cent, and 20.38per cent of overall output growth,” the report by NBS added.
It would be recalled that the Africa’s largest economy fell into recession in 2016 largely as a result of low crude prices and militant attacks on energy facilities in the Niger Delta, as crude sales make up two-thirds of government revenue.
It returned to growth in the second quarter of 2017 but the recovery has been fragile since it is largely due to higher oil prices. The International Monetary Fund (IMF) said in December that the economy remains vulnerable.
Stories by Motolani Oseni
