Yemisi Izuora
The Nigerian Bureau of Statistics INBS), disclosed that the economy shrank by 0.52 per cent year-on-year in the first quarter, having contracted 0.67 percent in the same quarter of 2016.
According to the NBS at the end of the first quarter of 2017, the nation’s Gross Domestic Product (GDP) contracted by –0.52 per cent (year-on-year) in real terms.
This, it said, represents the fifth consecutive quarter of contraction since first quarter of 2016.
According to statistics office, this is 0.15 higher than the rate recorded in the corresponding quarter of 2016 (revised to –0.67 per cent from –0.36 per cent).
Also, this higher by 1.21 per cent points from rate recorded in the preceding quarter, (revised to –1.73 per cent from –1.30 per cent). Quarter on quarter, real GDP growth was –12.92 per cent, NBS stated.
It was further stated that during the quarter, aggregate GDP stood at N26,028,356.03 million in nominal terms, compared to N22,235,315.29 million in Q1 2016, resulting in a Nominal GDP growth of 17.06 per cent. This growth was higher relative to growth recorded in Q1 2016 (11.39 per cent).
Nigeria’ economy said to be Africa’s largest shrank by 1.5 per cent in 2016 for its first annual contraction in 25 years, caused by lower oil revenues and a shortage of hard currency.
The NBS said average oil production in the OPEC member state stood at 1.83 million barrels per day in the first quarter.