Nigeria’s Gross Domestic Product (GDP) fells to 2.24% in 3rd quarter of 2016, according to a new set of data released on Monday by the National Bureau of Statistics.
Nigeria, seen as Africa’s largest economy shrunk by 2.06% in the third quarter as the country is hit by massive revenue shortage, foreign exchange shortage and volatile naira-dollar parity.
The data released by the NBS indicates that Nigeria’s oil sector falls by a whooping 22.01% in the third quarter ended September, while non-oil sector grew by a paltry 0.03%.
Oil sector contribution to GDP was seen at 8.19% and non-oil sector contribution to GDP was higher at 91.81%.
During the period under review, Nigeria’s Aggregate Gross Domestic Product in nominal terms was recorded at 26.558 billion naira, or a 9.23% growth.
It was a similar case earlier in the second quarter of the year.
Nigeria’s Gross Domestic Product (GDP) had contracted by 2.06% in the second quarter of 2016.
According to the NBS report, the decline caused the Naira to get weaker while lower oil prices dragged the oil sector down with output shrinking by 0.36 in the first quarter.
During the quarter, nominal GDP was 2.73% higher at 23.48 million Naira at basic prices.