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Nigeria’s Gross Domestic Product (GDP) grew by 2.11 percent year-on-year in the fourth quarter of 2015. This is slower than the 2.84 percent growth rate recorded in the preceding quarter of last year, the National Bureau of Statistics (NBS) stated in its latest report that was released on Tuesday.

The 2015 fourth quarter GDP growth rate is also lower than the 3.83 percent recorded in the corresponding quarter in 2014. In the first and second quarters of 2015, Nigeria’s economy grew by 3.86 percent and 2.35 percent, respectively. 2015 third quarter GDP growth rate was 2.84 percent year-on-year. With this data, the Nigerian economy grew at 2.79 percent last year, down from 6.3 percent GDP growth rate recorded in 2014.  

According to the NBS, Nigeria’s aggregate GDP was 7.2 percent in the fourth quarter of 2015 at N25.93 trillion, compared with N24.21 trillion recorded in a similar quarter in 2014. On a quarter-on-quarter basis, aggregate GDP was 1.11 percent higher in Q4 2015 compared with Q3 2015.

The non-oil sector was the main driver of Nigeria’s GDP growth in Q4 2015. The non-oil sector grew by 3.14 percent in Q4 2015, higher than 3.22 percent recorded in Q3 2015 but lower than 6.44 percent recorded in Q4 2014.

In real terms, the non-oil sector contributed 91.94 percent to Nigeria’s GDP, higher than the 89.73 percent recorded in Q3 2015 and the 91.03 percent recorded in Q4 2014.

The real growth of the oil sector slowed to 8.28 percent in Q4 2015, compared with a 9.33 percent growth rate in Q3 2015. In Q4 2015, the oil sector contributed 8.06 percent of total real GDP, down from the 8.97 percent recorded in Q3 2015 and the 8.97 percent recorded in Q4 2014.

During the period under review, oil production stood at 2.16 million barrels per day (bpd), lower than the 2.17 million bpd produced in Q3 2015 and the 2.19 million bpd produced in Q4 2014.