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 33)
Available
reports from the Nigerian National Petroleum Corporation(NNPC), suggests a
significant reduction in the cost incurred to produce one barrel of crude oil for
the past two years. Specifically, the cost of production reduced by 71 percent
from $78 as at August 2015, to $23 per barrel as at August 2017.
This may be attributable to moderations in operational expenditures, following
repairs and restructuring in the oil region.