ADVERTISEMENT
  • The Membership Club
  • PT Hausa
  • About Us
  • Advert Rates
  • Careers
  • Contact Us
Thursday, January 21, 2021
Premium Times Nigeria
  • Home
  • COVID-19
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Opinion
  • Health
    • News Reports
    • Investigations
    • Data and Infographics
    • Health Specials
    • Features
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Research & Innovation
    • Data & Infographics
    • Special Reports/Features
    • Investigations
    • Interviews
    • Markets
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • Parliament Watch
    • Panama Papers
    • Paradise Papers
    • AGAHRIN
  • Home
  • COVID-19
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Opinion
  • Health
    • News Reports
    • Investigations
    • Data and Infographics
    • Health Specials
    • Features
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Research & Innovation
    • Data & Infographics
    • Special Reports/Features
    • Investigations
    • Interviews
    • Markets
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • Parliament Watch
    • Panama Papers
    • Paradise Papers
    • AGAHRIN
Premium Times Nigeria
BUA Group Ad BUA Group Ad BUA Group Ad
ADVERTISEMENT
Lagos market [Photo Credit: naija247news.com]

Lagos market [Photo Credit: naija247news.com]

Nigerian economy improved slightly in 2016, but remains in recession — NBS

byBassey Udo
February 28, 2017
2 min read
ADVERTISEMENT

The Nigerian economy contracted by -1.15 per cent in 2016, but showed slight improvement overall, the National Bureau of Statistics said Tuesday.

In its latest report, the NBS said the Gross Domestic Product contracted by -1.51 per cent, slightly better than the International Monetary Fund’s prediction of a -1.8 per cent contraction.

The statistics agency said the GDP in the last quarter of 2016 contracted by -1.30 per cent.

“For the full year 2016, therefore GDP contracted by -1.51 per cent, indicating real GDP of N67, 984.20 billion for the year,” the NBS said.

“This contraction reflects a difficult year for Nigeria, which included weaker inflation-induced consumption demand, an increase in pipeline vandalism, significantly reduced foreign reserves and a concomitantly weaker currency, and problems in the energy sector such as fuel shortages and lower electricity generation.”

President Muhammad Buhari’s special adviser on economic matters, Adeyemi Dipeolu, said the new figure shows “the slow-down in the economy for most of 2016 but also show that the recession may have bottomed out because of an improving trend in several key sectors.”

“Although the oil sector declined by -12.38% on a year on year basis, this was a relative improvement compared to the third quarter when the decline amounted to -22.01%,” he said. ” This outcome was due mainly to increases in production such that the quarter on quarter growth for the oil sector between the third and fourth quarters was 8.07%. The non-oil sector however declined by 0.33% after showing some resilience in the third quarter when it grew by 0.03% at the height of the recession.”

Agriculture grew at 4.03% in the fourth quarter of 2016 which was a decrease from the 4.54% growth in the third quarter.

Nevertheless, the overall outcome for the year was that the agricultural sector grew by 4.11% for the whole of 2016 which was higher than the figure of 3.72% for 2015.

RelatedNews

Polaris Bank Offers Business Loan to SMEs

TB Joshua urges Nigerians to accept COVID-19 vaccine

EPL: Cavani, Pogba shoot Manchester United back to top spot

Herdsmen: Buhari unaware of security situation in Ondo – Akeredolu’s aide

The manufacturing sector grew on a quarter on quarter basis by 1.89% but declined over the year by 4.32% reflecting the problems that the sector faced in the course of the year due to a combination of factors including the depreciation in the exchange rate and higher energy costs.

The metal ores sub-sector grew by 7.03% in Q4 of 2016 as compared to 6.93% in the last quarter of 2015.

The services sector, which accounted for 53.55% of GDP in 2016, experienced a decline in growth by -0.82% over the year as compared to a growth of 4.78% in 2015.

Dangote adbanner 728x90_2 (1)

“This slowdown in the services sector arose from generally fragile economic conditions,” Mr. Dipeolu said. “This is because its fortunes depend to a large extent on consumer spending and government expenditure which were both adversely affected by difficult economic conditions.”

  • WhatsApp
  • Tweet
  • Email
  • Print
  • Telegram
  • More
  • Share on Tumblr
  • Pocket

Support PREMIUM TIMES' journalism of integrity and credibility

Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.

For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.

By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.

Donate


TEXT AD: To advertise here . Call Willie +2347088095401...


JOIN THE CONVERSATION

  • Disqus (0)
premiumtimes



PT Mag Campaign AD

Previous Post

Botswana’s Central Bank keeps lending rate at 5.5 per cent

Next Post

Again, no former African president worthy of Mo Ibrahim award

Bassey Udo

Bassey Udo

Bassey Udo is PREMIUM TIMES' Business & Economy Editor. He has covered finance, energy, oil, gas & extractive industries for over a decade. He is a winner of the Wole Soyinka Award for Investigative Journalism, and the Thomson Reuters Foundation (Wealth of Nations) Award for Business Reporting. Bassey is an alumnus of the U.S. International Visitors Leadership Programme. Twitter: @ba_udo

More News

Naira Notes

Naira loses against dollar at I&E market

January 21, 2021
Joe Biden [PHOTO: @JoeBiden]

Biden reverses Trump’s travel ban on Nigeria, Yemen, Eritrea, others

January 21, 2021
Nigerian Economy

Despite COVID, Nigeria’s quarterly FDI reached two-year high in 2020

January 21, 2021
A family is being tested for COVID-19 in Nigeria [PHOTO: TW: @NCDCgov]

COVID-19: Nigeria records 1,386 new cases, 14 deaths

January 21, 2021
A wheat farm used to illustrate story [PHOTO CREDIT: Business Standard]

EXCLUSIVE: Nigeria’s decade-long wheat production so woeful 98% is imported

January 21, 2021
Osun_State_map

EXCLUSIVE: Osun commissioner, Oyetola’s aide test positive for COVID-19

January 20, 2021
Next Post
The Mo Ibrahim prize has become a valuable benchmark for excellence on the continent (Pictured Mo Ibrahim) Source: Ben Stanstall/Getty [Photo: ThisisAfrica]

Again, no former African president worthy of Mo Ibrahim award

Soludo, Utomi, other South East leaders demand immediate release of Nnamdi Kanu

Soludo, Utomi, other South East leaders demand immediate release of Nnamdi Kanu

Discussion about this post

Search

#EndSARS: Latest Updates




Polaris Bank


JAIZ Ad


NITDA Ad




Advertisement






netherland biz school Advert

Zenith Advert

Heritage Advert
ADVERTISEMENT

Our Digital Network

  • PT Hausa
  • Election Centre
  • Human Trafficking Investigation
  • Centre for Investigative Journalism
  • National Conference
  • Press Attack Tracker
  • PT Academy
  • Dubawa
  • LeaksNG
  • Campus Reporter

Resources

  • Oil & Gas Facts
  • List of Universities in Nigeria
  • LIST: Federal Unity Colleges in Nigeria
  • NYSC Orientation Camps Address Nationwide
  • Nigeria’s Federal/States’ Budgets since 2005
  • Malabu Scandal Thread
  • World Cup 2018
  • Panama Papers Game
  • Our Digital Network
  • About Us
  • Resources
  • Projects
  • Data & Infographics
  • DONATE

All content is Copyrighted © 2020 The Premium Times, Nigeria

No Result
View All Result
  • Home
  • COVID-19
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Health
    • News Reports
    • Investigations
    • Data and Infographics
    • Health Specials
    • Features
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Research & Innovation
    • Data & Infographics
    • Special Reports/Features
    • Investigations
    • Interviews
    • Markets
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • Panama Papers
    • Paradise Papers
    • Parliament Watch
    • AGAHRIN
  • Opinion
  • PT Hausa
  • The Membership Club
  • Dubawa
    • Dubawa NG
  • About Us
  • Advert Rates
  • Careers
  • Contact Us
  • Digital Store
  • DONATE

All content is Copyrighted © 2020 The Premium Times, Nigeria

Our website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
loading Cancel
Post was not sent - check your email addresses!
Email check failed, please try again
Sorry, your blog cannot share posts by email.