The National Bureau of Statistics on Tuesday published its report on Nigeria’s Gross Domestic Product for the fourth quarter of 2016. The report, which summarizes the performance of the various sectors of the Nigerian economy in the last three months of the year gone by, shows a continuing but slowing decline in the nation’s economic output.
According to the NBS’s summary, Nigeria’s GDP contracted by -1.30% in the final quarter of 2016 compared to the same period in 2015; for the whole of 2016, the country’s productivity declined by -1.51%. The NBS says this “reflects a difficult year for Nigeria,” a period in which the country has grappled with turbulence in its oil sector and a weakening naira, among other challenges. However, the fall in its GDP for the fourth quarter (Q4) was less than the -2.24% recorded in the previous quarter. Some analysts are pointing to this, as well as a few other ‘signs’ in the report, as evidence that Nigeria could soon be on its way out of its recession.
The oil sector, as in the previous quarters, contributed heavily to the overall decline in national productivity. It contracted by -12.38% compared to the same period in 2015. The fall was nevertheless not as severe as the previous quarter’s when the sector’s output dropped by -22.01%.
The non-oil sector also witnessed negative growth, albeit at a slower rate of -0.33%. Due to the much stronger rate of decline in the oil sector, the non-oil sector increased its share of the GDP from 91.94% to 92.85%.
Agriculture made the overall GDP figure look less bleak than it could have been. The sector continued to buck the negative trend of the economy, posting an impressive growth rate of 4.03% for Q4 2016. Its growth was largely driven by crop production, which remained strong throughout the year.
Other sectors which grew in the last three months of 2016 include arts and entertainment, information and communication, and professional, scientific and technical services.
Click here to download the full report from the National Bureau of Statistics.
You might also like:
- The Potential of Nigeria’s Creative Economy
- COP28: Climate Change, Nigerian Businesses, and Economy
- Top 10 Mistakes to Avoid When Starting a Business
- How to Make Your Business Withstand Tough Economic Times
