Macroeconomic Report & Economic Updates
January 22, 2016
Nigeria Economic Update (Issue 1)
GDP growth rate
increased marginally by 2.84 percent in Q3 2015 from 2.35 percent in the preceding
quarter. Nominal GDP increased to N24.3 million from N22.9 million in the
preceding quarter. Growth in this period was attributed to the improved
performance of the non-oil sector which grew by 3.05 percent. The Sectoral disaggregation shows
that the Services and Agricultural sectors grew by 3.97 and 3.46 percent respectively,
while the Manufacturing sector shrank by 1.75 percent.
Related
Nigeria Economic Update (Issue 44)
Recently released Nigerias
petroleum imports data, show a significant decline in the quantity and value of
petroleum import products (PMS, AGO and NHK) between 2015 and 2016.
Specifically, value of imports significantly declined year-on-year (January to
April) by 30.4 percent to N571 billion in 2016. The huge decline in
the import of (refined) petroleum products likely reflects the lower
(unrefined) crude oil production/exports. Furthermore, it is likely that the
import of petroleum products could decline in subsequent years; however, this
is dependent on the prospects of the three domestic refineriesbeing refurbished.