Gross Domestic Product Growth Rate And Contribution To GDP (Transport Sector)
Real GDP at 1990 Base Year
Stalled growth, post-2005
Real GDP at 2010 Base Year
Weak growth post-2012, contraction in 2016
Gross Domestic Product Growth Rate: Growth in the sector which stalled in the second and third quarters of 2015 witnessed a considerable decline in 2015Q4; the stall in growth in 2015 is attributable to persisting underperformance in road transportation. However, the sectors growth increased dramatically in 2016Q1 (reaching nearly 15 percent) owing to the sharp rise of activities in the road transport sub sector, but fell sharply to about -5 percent in 2016Q2.
Contribution to GDP: The contribution of the sector to overall GDP growth, which has been fairly flat prior to 2014 took an upward trend afterward; particularly jumped in 2016Q1 following the new budget allocations for capital expenditure.
Appropriation Act (Budget): Capital expenditure remarkably increased in 2016 relative to preceding year, on the account of the present governments renewed commitment to infrastructure development.
Money Supply: On a month-on-month basis, growth in M2 have accelerated overtime; reaching over N20,000 billion by April 2016. The rise in M2 at the end of 2016Q1 reflects the fast-paced rise in aggre
Crude Oil Price: Crude oil price attained a historical low of $30.7 in January 2016 largely due to excess global oil supply.
Crude Oil Production and Export: Oil production has continued to fall in
Capital Importation: Overall capital imported into the manufacturing sector fell deeply in 2015 and has remained low in 2016H1 on the account of present FOREX issues affecting businesses in the sector