The total monetary value of all finished goods and services produced in Nigeria in the second quarter of 2015 recorded a 2.57 percent growth, the latest edition of the data on Quarterly Gross Domestic Product estimates of the Nigerian Bureau of Statistics has shown.
The report published on Tuesday showed that the country’s GDP in real terms, which grew by 2.35 percent on year-on-year basis, was lower by about 1.61 percent points from the figure recorded in the preceding quarter.
The figure was equally lower by about 4.19 percent points from the growth recorded in the corresponding quarter of 2014.
During the quarter, the report said aggregate GDP stood at about N22.86 trillion (in nominal terms) at basic prices.
When compared to the value of N21.74 trillion in the corresponding period of 2014, the NBS said nominal GDP was higher by about 5.17 percent, while nominal GDP growth was also higher relative to growth recorded in first quarter of 2015 by 0.85 percent points.
During the period under review, the report said crude oil production, which is the mainstay of the country’s economy, stood at an average 2.05 million barrels per day (mbpd), reflecting about 5.9 percent decline from about 2.18 million bpd production in the first quarter of 2015.
Oil production was equally lower relative to the corresponding quarter in 2014 by about 7.3 percent when output was recorded at 2.21million bpd.
Consequently, the NBS said real growth of the country’s oil sector slowed by 6.79 percent (year-on-year) in the second quarter of 2015, representing a decline by about 5.14 percent relative to the growth recorded in the corresponding period of 2014.
The NBS said growth was, however, relatively better by 1.35 percent points relative to growth in the first quarter of 2015.
On a quarterly basis, the report noted that growth also slowed by 3.82 percent points, with the oil sector’s share of the economy accounting for about 9.8 percent total real GDP, down from the shares recorded in the corresponding period of 2014.
The report said the growth in the non-oil sector, which grew by 3.46 percent in real terms, was largely driven by the activities of Trade, Crop Production, Construction and Telecommunications.
The growth in the non-oil sector was about 2.13 percent points lower than the figure in the first quarter, and 3.26 percent points lower from the corresponding quarter in 2014.
In real terms, the non-oil sector contributed 90.20 percent to the nation’s overall GDP, marginally higher than both the 89.55 percent share recorded in the first quarter of 2015, and 89.24 percent recorded in the corresponding period of 2014.
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