NIGERIAN GDP GROWS BY 4.22%

The gross domestic product of Nigeria at current market prices grew by about 4.22% in the first quarter of this year when compared to first quarter of 2015.
According to figures published by the National Bureau of Statistics  (NBS); the GDP for the quarter was N21,242,543.07m compared to N20,381,903.54m by March 2015.
It certainly could have grown faster but for glaring drops in contribution from the petroleum sector. Petroleum and natural gas contribution dropped by 46.7% to N1,391,091.74m from N2,612,066.21m previously.
At 54.9% the decrease recorded in oil refining contribution was even higher. It dived from N91953.17m by March 2015 to N41,503.64m.
Other sectors with decrease in contribution to the GDP loss less than 10% each and include foods beverages and tobacco, financial institutions, electricity and gas , motion pictures etc and public administration.
There were fairly healthy growths in some sectors of the economy hence the successful reversal of the downward pull by the petroleum and oil refining.
Top growth for the quarter was hospitality business sector which rose by 37.4% to N267,984.38m from N195,084.36m followed by fishing which contributed N165,454.83m up 32.4% to N124,957.92m.
Other top growths include 26.4% in publishing to N6364.52m from N5034.70m, 26.3% rise in contribution by plastics and rubber products to N67128.85m from N53149.41m and construction with 26.1% to N879044.02m from N697366.62m.
Also among the top growths in contribution to the GDP were cement production (up 25.3%), water supply and waste management (25% up), professional, scientific and technology services which grew by 15.8% and trade with 15.3% increase.
However, amongst the top five contributors to the GDP only petroleum and natural gas recorded decrease. It dropped to fifth place though by 2015 first quarter.
Top contributor was trade with N4,225,946.44m contribution followed by crop production which chipped in N3,583,980.17m, up 14.1% on N3,141,324.58m previously.
Both were followed from a distance by telecommunications and information which recorded N1,798,703.84m representing 12.1% increase and real estate which accounted for N1,639,315.37m, up 10.5% and then petroleum and natural gas.
Foods beverages and tobacco with N1,010,459.9m missed the top five and actually dropped by a very marginal 0.01% from its N1010559.71m contribution by March ending 2015.

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