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
Real GDP Growth Rate
On average, Nigerias GDP growth rate has averaged about 5 percent; attaining an unusual trough of nearly -10 percent in 2003Q4 and a peak of nearly 20 percent in 2004Q4. However, the Nigerian economy