Nigeria GDP


Nigeria: Falling oil prices hit growth in Q2

August 26, 2015

The economy decelerated sharply in Q2, with GDP at basic prices expanding 2.4% over the same period last year, down from the 4.0% increase tallied in Q1. The result represented the weakest expansion since the current series began in 2010.

According to the National Bureau of Statistics (NBS), Q2’s deceleration mainly reflected a contraction in the industrial sector, which fell 3.3% annually (Q1: -2.5% year-on-year). Depressed global oil prices and subdued crude production continue to put a dent in the all-important oil industry. Weak growth, however, was seen across the board in Q2, with agriculture slowing to a 3.5% increase (Q1: +4.7% yoy) and services moderating to a 4.7% rise (Q1: +7.0% yoy).

At market prices, GDP in Q2 slowed to a 2.3% increase, which was down from the 3.9% growth tallied in Q1. The NBS will release a more complete set of data, including GDP by expenditure, on 15 September.

FocusEconomics panelists project the economy to grow 4.3% in 2015, which is unchanged from last month’s estimate. For 2016, panelists expect the economy to grow 5.2%.

Author: Ricard Torné, Lead Economist

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Nigeria GDP Chart

Nigeria GDP Q215

Note: Year-on-year changes of GDP in %.
Source: National Bureau of Statistics and FocusEconomics Consensus Forecast.

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