The oil sector increased 8.38 percent year-on-year, following a 25.89 percent rise in the previous period.The country produced 1.91 million barrels of crude oil per day, up from 1.76 mbpd a year earlier. As a result, the oil sector accounted for 7.17 percent of GDP compared to 10.04 percent a year earlier. The non-oil sector went up 1.45 percent, after a 0.76 percent decrease in the previous period.
Output expanded at a faster pace for: agriculture (4.23 percent compared to 3.06 percent in Q3); food and accomodation services (0.78 percent compared to 0.18 percent); electricity, gas, steam and air conditioning supply (16.03 percent compared to 11.46 percent); water supply, sewerage, waste management and remediation (1.23 percent compared to 0.33 percent) and arts, entertainment and recreation (3.54 percent compared to 0.44 percent). Additionally, production rebounded for: manufacturing (0.14 percent compared to -2.85 percent); construction (4.14 percent compared to -0.46 percent) and internal trade (2.07 percent compared to -1.74 percent). Also, output recovered for transportation and storage (16.57 percent compared to -6.25 percent) and financial and insurance (0.22 percent compared to -5.96 percent). In addition, production fell at a softer pace for information and telecommunication (-1.46 percent compared to -4.48 percent); public administration (-0.45 percent compared to -0.72 percent); education (-1.04 percent compared to -1.22 percent) and social services (-0.38 percent compared to -0.85 percent). On the other hand, output growth slowed for mining and quarrying (7.96 percent compared to 25.44 percent). Also, real estate activities contracted further (-5.92 percent compared to -4.12 percent).
On a quarterly basis, the economy expanded 4.29 percent, easing from a 8.97 percent increase in the previous quarter.
Considering 2017 as a whole, the Nigerian economy advanced 0.83 percent, after a 1.58 percent contraction in 2016.