Nigeria Records First GDP Growth for 2015; Inflation Drops to 9.3%
Nigeria for the first time in 2015 has reported its first Gross Domestic Product (GDP) growth.
Recent data from the National Bureau of Statistics shows that the country had a GDP growth of 2.84% in real terms in the third quarter (during the month of July to September 2015). This reflects a 0.49% increase from the second quarter.
The data shows the oil sector up 1.06 in the third quarter and better than the second quarter by 14.35%. The oil sector contributed 10.27% to Nigeria’s total real GDP.The latest statistics also shows agriculture output higher by 3.46%, manufacturing stronger by 4.80%, while trade and services grew by 14.68% in nominal terms during the period under review.
Nigeria’s economy returns to growth as inflation also drops at 9.3% in October.