Nigeria Returns to Growth in Q2

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

The oil sector went up 1.64 percent year-on-year, the first expansion since the third quarter of 2015, following an upwardly revised 15.60 percent 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 percent of GDP compared to 8.79 percent a year earlier.

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

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

On a quarterly basis, the economy expanded 3.23 percent.

Nigeria Returns to Growth in Q2

National Bureau of Statistics | Luisa Carvalho |
9/5/2017 11:50:39 AM