NIGERIAN 2015 GDP, ONLY 59% FORMAL.


In 2015, the chances of national economic policies  being responded to adequately was about 58.56%.

This was because, according to the National Bureau of Statistics (NBS), only that much of the nations gross domestic product (GDP) can be attributed to the formal sector of the economy. Yet it is the formal that more readily submit official reports as required, and tend to anticipate better policy directions.

According to the NBS the GDP which grew marginally in terms of current prices but actually dropped in real terms after provision for inflation, was N94,144,960m in 2015.

Of this, the informal sector contributed about 41.43% while the formal sector was responsible for 58.56%.

The four major sectors that contributed the most to GDP in 2015 were agriculture, trade, information and communication and manufacturing.

In agriculture, the main activity was crop production which contributed N17,189,973m to the GDP. Of this 92.5% was from informal crop production compared to only 7.5% for the formal sector.

Trade contributed N18,028,895m to the GDP  and 55.7% of that was from the informal sector.

However, the rest two top contributors were dominated by the formal sector. In Information and Communication services, the N10,781,072m contributed was 87.8% from the formal sector.

Much the same way, the formal sector was responsible 87.9% for the N8,973,773m contributed by manufacturing.

Thus, the sectors with above 50% contribution from the informal sector include motion pictures, sound and music, crop production, livestock rearing, metal ores, water transportation, trade and hospitality.

Motion pictures, sound and music contributed N1,136,692m to the GDP out of which 97.9% was by the informal sector making it the leader in Nigerian's informal sector.

According to the NBS, some sectors were 100% or above 90% contributed to by the formal sector. In sectors like quarrying and mining, cement manufacturing, electricity geration and environment upkeep, had contributions to the national purse to be 100% formal while foods beverages and tobacco,  telecommunications, transport and storage,  and textiles, apparel and footwear recorded above 70% formal sector contributions.

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