Nigeria Economy 300x262 NIGERIAN ECONOMY
Nigeria Economy
Nigeria GDP


The Nigerian economy advanced 0.55 per cent year-on-year in the second quarter of 2017, after shrinking an upwardly revised 0.91 per cent in the previous period. It is the first expansion in five quarters as the oil sector rebounded.

Economy 300x164 NIGERIAN ECONOMY


The oil sector went up 1.64 per cent year-on-year, the first expansion since the third quarter of 2015, following an upwardly revised 15.60 per cent drop in the previous period. The country produced 1.84 million barrels of crude oil per day, up from 1.81 mbpd a year earlier. As a result, the oil sector accounted for 8.89 per cent of GDP compared to 8.79 per cent a year earlier.


The non-oil sector advanced 0.45 per cent, easing from a 0.73 per cent increase in the previous period. Output growth slowed for: manufacturing (0.64 percept vs 1.36 per cent in Q1); construction (0.13 per cent vs 0.15 per cent); water supply, sewerage, waste management and remediation (3.45 per cent vs 12.63 per cent) and agriculture (3.01 per cent vs 3.39 per cent). In addition, production declined for: transport (-6.18 per cent vs 10.55 per cent); trade (-1.62 per cent vs -3.08 per cent); accommodation and food services (-4.05 per cent vs -3.96 per cent); information an communication (-1.15 per cent vs 2.73 per cent); arts, entertainment and culture (-0.62 per cent vs 11.67 per cent) and real estate activities (-3.53 per cent vs -3.10 per cent).


In contrast, electricity, gas, steam and air conditioning (35.50 per cent vs. -5.04 per cent) and public administration (1.63 per cent vs -2.07 per cent) recovered, while finance and insurance rose sharply (10.45 per cent vs. 0.67 per cent).