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Nigeria’s GDP Crashes to 25-year Low

by on May 21, 2016
 

Nigeria’s gross domestic product (GDP), which measures the worth of economic activities, crashed to its lowest since 1991 in the first quarter of 2016.

According to the GDP report released by the Nigerian Bureau of Statistics on Friday, the country’s economy crashed to a 25-year low of -0.36 percent GDP growth rate.

NBS says Q1 GDP growth declined to -0.36 percent from 2.11 percent in Q4 2015 and 3.96 percent in Q1 2015.

The last time the Nigeria economy grew below 1 percent was in 1999, a few months after the return of democracy in May, 1999.

According to World Bank figures, the economy had a regression of -0.3 percent in 1995, and -0.6 percent in 1991.

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Yemi Kale, the statistician general of the federation, who unveiled the report added that the oil, industries, power and manufacturing sectors of the economy shrunk in the period under review.

“Oil GDP estimated at -1.89% from -8.28% in q4 2015 and -8.15% in q1 2015 and non-oil GDP at -0.18% from 3.14% in q4 2015 & 5.59% in q1 2015,” he wrote from the report.

“Electricity and gas GDP at -44.4% in q1 2016 from 1.20% and -27.92% in q4 and q1 2015 respectively. Industries GDP at -5.49% in q1 2016 from -3.04% in q4 2015 & -2.53% in q1 2015.

“Manufacturing GDP at -7.0% in q1 2016 from 0.38% and -0.70% in q4 and q1 2015 respectively. Other (light)manufacturing GDP at -12.22% in q1 2016 from -1.06% and -5.67% in q4 and q1 2015 respectively.

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The report further showed that broadcasting, transport, agriculture and crop production had a positive growth.

“Agric GDP at 3.09% from 3.48% in q4 2015 and 4.70% in q1 2015, services GDP at 0.8% in q1 2016 from 3.69% in q4 2014 & 7.94% in q1 2015.

“Broadcasting GDP at 6.85% in q1 2016 from 13.2% and 25.6% in q4  and q1 2015 respectively. Crop production GDP at 3.02% in q1 2016 from 3.25% and 4.46% in q4  and q1 2015 respectively.

“Transport services GDP at 2.23% in q1 2016 from 5.14% and 7.57% in q4  and q1 2015 respectively. Human health and social services GDP at 0.55% in q1 2016 from 2.86% and 2.11% in q4  and q1 2015 respectively

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Finance and insurance GDP shrunk by -11.28% in q1 2016 from 6.41% and 9.01% in q4  and q1 2015 respectively, while financial institutions GDP was at -13.1% in q1 2016 from 6.62% and 9.52% in q4  and q1 2015 respectively.

The GDP growth rate fell short of the International Monetary Fund (IMF) outlook, which projects that the Nigerian economy will grow by 2.3 percent in 2016.

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