Nigeria Economic Chart Pack

Real GDP at 1990 Base Year

Capital Importation: Capital expenditure into the construction sector remained above 10 percent since 2005 until 2015. Similar to the manufacturing sector, overall capital imported into the construction sector fell most significantly in 2015 and 2016 on the account of present FOREX issues affecting businesses in the sector; thus discouraging investors.

Gross Domestic Product Growth Rate and Contribution to GDP:  The sector’s GDP growth rate declined dramatically in 2016Q1, due to worsening fiscal position of both Federal and State governments which adversely affected construction services in the private sector. Weakened fiscal position of the public sector – orchestrated by the fall in crude oil revenue substantially contributed to the sectors poor performance. However, the slight increase in the sector’s contribution to GDP in 2016Q1 largely reflects the relative fall in contribution of other sectors of the economy.

Real GDP at 1990 Base Year

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 and discouraging investors.

Gross Domestic Product Growth Rate and Contribution to GDP: Growth in the manufacturing sector fell drastically in 2015 due to capital and forex controls introduced by monetary authorities to moderate the downward pressure on the external value of the Naira. The sector also witnessed further decline in 2016Q1 largely driven by contractions in oil refining, cement, food and beverage and tobacco production.

 

Capital Importation (US$ Thousand)

Capital Importation: Since the dramatic decline in 2013, private and government sector investments in the sector have remained low in 2016. 

Budgetary Allocation: Budgetary allocations to the transport sector have continued to fall since 2010. However, the budgetary allocations for capital expenditure rose exceedingly in 2016 reflecting the President’s commitment to improve infrastructures, particularly in transport sector.

Real GDP at 1990 Base Year

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 sector’s 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.

 

Real GDP at 1990 Base Year

Gross Domestic Product Growth Rate: The information and communication sector has grown overtime but witnessed an unusual decline in 2011, which has remained low in 2016Q1 possibly due to declining consumer demand for related service.

Contribution to GDP: The contribution of the sector to overall GDP growth has maintained an upward trend, reflecting that the sector is well infused into the Nigerian economy in terms of its use of local content for capacity building.