Macroeconomic Report & Economic Updates

October 23, 2015

Nigeria Economic Review (First Half Report 2015)

The modest growth in the
global output witnessed in the first quarter of 2015 was driven mainly by
advanced economies, particularly the United States. Growth slowed down significantly
in emerging and developing economies, primarily natural resource-dependent
countries which were adversely affected by falling commodity prices.

Download Label
March 13, 2018 - 4:00 am
application/pdf
1.08 MB
v.1.7 (stable)
Read →

Real Gross Domestic Product
(GDP) growth in Nigeria continued to decelerate in 2015H1, with a growth rate
of 2.4 percent in the 2015Q2. Non-oil sector remained the driver of growth, in
contrast to oil-GDP which witnessed a significant negative growth. The huge
drop in global crude oil prices was the main cause of the contraction in
Oil-GDP growth.

The slump in oil prices
resulted in a substantial fall in oil revenue by 41.2 percent in 2015Q1. A
remarkable increase in non-oil revenue in April dampened the effect of the fall
in oil revenue in the first half of 2015. In general, total federally collected
revenue increased by 3.4 percent in 2015H1. Fiscal deficits which increased at
the start of 2015, was reversed at the last month of 2015Q1, an impact of the
austerity measures which has led to a consistent decline in government
expenditure.




Related

 

Nigeria Economic Update (Issue 22)

Available data from Nigeria Bureau of Statistics shows a decline in the Nigeria Aviation sub-sector (Transport Sector) real growth rate in 2017Q1. Compared to the preceding quarter, the sub-sector declined significantly by 9.6 percent, due to decline in the number of passengers and movement of aircrafts this may be connected to the closure of the Abuja airport for infrastructural development during the period. To ensure a near-optimal performance of the aviation sector, the government should also make efforts to improve aviation safety and security, establish a national carrier, and improve aircraft maintenance to world class standards.