Nigeria’s real Gross Domestic Product has grown by 2.57 per cent in the second quarter of 2015, compared with the preceding quarter.
The News Agency of Nigeria reports that GDP is the monetary value of all the finished goods and services produced within a country’s borders in a specific time period.
The figure was contained in a GDP report for the second quarter of 2015 released by Dr. Yemi Kale, the Statistician-General of the Federation, on Wednesday in Abuja.
Kale said the percentage of the GDP was lower by 1. 61 per cent points from the growth recorded in the preceding quarter in 2015.
He said the percentage was also lower by 4.19 per cent point from the growth recorded in the corresponding quarter of 2014.
According to him, the nation’s GDP grew by 2.35 per cent (year-on-year) in real terms.
He, however, said that aggregate GDP stood at N22,859,153. 01 million (in nominal terms) at basic prices in the quarter.
Kale said: “Compared to the second quarter 2014 value of N21,734,829. 86 million, nominal GDP was 5.17 per cent higher.
“Nominal GDP growth was also higher relative to growth recorded in first quarter of 2015 by 0.85 per cent points.”
Kale explained that the Nigerian economy could be more clearly understood according to the oil and non-oil sector classifications.
During the period under review, he said that oil production stood at 2.05 million barrels per day (mbpd), 5.9 per cent lower from production in the first quarter of 2015.
The statistician-general said oil production was also lower relative to the corresponding quarter in 2014 by 7.3 per cent when output was recorded at 2.21 mbpd.
Meanwhile, Kale said growth in the non-oil sector was largely driven by the activities of Trade, Crop Production, Construction and Telecommunications.
He said: “The non-oil sector grew by 3.46 per cent in real terms in second quarter of 2015.
“This was 2.13 per cent points lower from first quarter in 2015 and 3.26 per cent points lower from the corresponding quarter in 2014.
“In real terms, the non-oil sector contributed 90.20 per cent to the nation’s GDP.
“This is marginally higher from shares recorded in first quarter of 2015 (89.55 per cent) and second quarter 2014 (89.24 per cent).”