Just in: Nigeria’s GDP is the lowest in 25 years

by Chi Ibe

The Nigerian Bureau of Statistics (NBS) today issued Nigeria’s gross domestic product (GDP) Report, and it doesn’t have good news. The countries GDP, sum total of economic activities, crashed to its lowest since 1991 in the first quarter of this year.

According to the NBS, the country’s economy crashed to a 25-year low of -0.36 percent.

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

 

Yemi Kale, the statistician general of the federation, while unveiling the report said the oil, industries, power and manufacturing sectors of the economy have 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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