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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.
Download PDFThe 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. ”
