Macroeconomic Report & Economic Updates

March 29, 2016

Nigeria Economic Update (Issue 13)

Recent Data on Nigerias Real GDP growth rate
(Year-on-Year) declined by 0.73 percentage points, from 2.84 per cent in 2015Q3
to 2.11 percent in 2015Q4. The slowdown in economic growth was
largely driven by the decline in the performance of the oil sector which was
occasioned by the slump in crude oil prices and the slight drop in the volume
of crude oil produced. Specifically, compared to the 1.05 percent growth
recorded in 2015Q3, the oil sector witnessed a negative growth of 8.28 percent in 2015Q4.

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