For the third consecutive quarter, the nation’s Gross Domestic Product (GDP) fell by a bigger 2.24% in the third quarter of 2016, as against the positive 2.84% growth in the comparative period of 2015, according to data released Monday morning by the National Bureau of Statistics (NBS).
First quarter GDP for 2016 fell 0.36%, after which it declined by 2.06% in the following quarter.
With just a quarter left and a year-to-date decline of 1.58%, noted Dr. Yemi Kale, Statistician General and chief executive of the NBS in a series of tweets following the release of the GDP numbers, means that “Nigeria needs a (positive) growth in Q4 of 4.32% to avoid full year negative growth.”
It was not all negatives, as the report acknowledged currents efforts by the fiscal and monetary authorities to diversify the nation’s economy towards agriculture in particular with several programmes.
Agric sector contribution to GDP represented the largest share ever since the 1970s, accounting for a robust 28.65%, higher than the 26.79% of the the corresponding period of 2015, or the 22.55% in 2016 Q2, and 20.48% in Q1.
The sector grew by 4.54% in the quarter, as against 4.53% in Q2, with crop production rising by 4.88% from 4.72%.
The industry sector’s share of GDP was 21.11%, down from 23.51% in Q3 of 2015, while the service sector remained the biggest contributor with 50.24%, down from 54.36% in the corresponding period of 2015.
Oil exports, which accounts for the bulk of Nigeria’s revenue declined from 2.17 million barrels per day in Q3 2015, to this year’s 1.63mb/day at a time vandalisation of oil installations has become a daily occurrence within the period. Oil GDP, expectedly, stood at -22.01% in Q3, from -17.48 in previous quarter, after a 1.06% growth in the 2015 Q3.
Non-oil GDP turned positive at 0.03% in the quarter under review, compared to -0.38% in Q2 and 0.18% in the previous one, as against 3.05% growth in the 2015 third quarter.