Tom Okure, Ph.D
February 28, 2017
Nigerian projected growth rate for the full year of 2016 was -1.51% according to report data from the National Bureau of Statistics. More specifically, Gross Domestic Product (GDP) declined in the fourth quarter of 2016 by -1.30%; the oil sector witnessed a production decline of -12.38% on a comparative year on year basis; the agriculture sector experienced some growth at 4.03% in the fourth quarter of 2016 which reflects a nominal reduction of 4.54% growth in the third quarter.
The manufacturing sector declined over the year by 4.32% even though it reflected a quarter to quarter slight growth of 1.89%. The services sector, which experienced a growth rate of 4.78% in 2015 and which accounted for 53.55% of GDP in 2016, mirrored a decline in growth by -0.82% over the year.
Read the details:
4TH QUARTER 2016 NIGERIAN GDP REPORT ISSUED BY THE NATIONAL BUREAU OF STATISTICS
