Nigeria Could Soon Be On Its Way Out Of Recession?

recession in nigeria

The National Bureau of Statistics Released the GDP Report for Q4 2016. The report details Nigeria’s Gross Domestic Product for the fourth quarter of 2016, focusing on the performance of the various sectors of the Nigerian economy in the last three months of the year gone by.

 

 

Highlights Of The Report

  • For the whole of 2016, the country’s productivity declined by -1.51%. This reflects how difficult the year for the country with turbulence in its oil sector and a weakening naira, among other challenges.
  • The fall in its GDP for the fourth quarter (Q4) was less than the -2.24% recorded in the previous quarter. Analyst say  this, as well as a few other ‘signs’ in the report, as evidence that Nigeria could soon be on its way out of its recession.
  • Other sectors which grew in the last three months of 2016 include arts and entertainment, information and communication, and professional, scientific and technical services.
  • Due to the much stronger rate of decline in the oil sector, the non-oil sector increased its share of the GDP from 91.94% to 92.85%. Due to the much stronger rate of decline in the oil sector, the non-oil sector increased its share of the GDP from 91.94% to 92.85%. Agriculture made the overall GDP figure look less bleak than it could have been. The sector continued to buck the negative trend of the economy, posting an impressive growth rate of 4.03% for Q4 2016. Its growth was largely driven by crop production, which remained strong throughout the year.

 

CLICK HERE to read full report

 

 


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