Nigeria’s real Gross Domestic Product plunged to 2.35 per cent in the second quarter of 2015, compared to 6.54 per cent in the same period last year, the National Bureau of Statistics said on Tuesday.

The country’s economic growth rate for the second quarter represents a 40 per cent decline from the 3.96 per cent recorded in the first quarter of this year.

The GDP is a measure of economic activity which captures the value of goods and services that a country produces during a given period.

The Statistician-General of the Federation/Chief Executive Officer, NBS, Dr. Yemi Kale, while releasing the GDP report for the second quarter of 2015 on his Twitter account, said, “Real GDP grows by 2.35 per cent in the second quarter of 2015 from 3.96 per cent in first quarter of 2015 and 6.54 per cent in Q2 2014.”

He said oil GDP grew by -6.79 per cent in the second quarter compared to -8.15 per cent in Q1 2015 and 5.14 per cent in the second quarter of last year.”

Kale said, “Electricity, gas, steam, etc grew by -11.61 per cent in Q2 2015, compared to -27.92 per cent in Q1 2015 and -20.57 per cent in Q2 2014. Manufacturing grew by -3.82 per cent in Q2 2015, compared to -0.70 per cent in Q1 2015 and 14.01 per cent in Q2 2014.

“Industry grew by -3.31 per cent in Q2 2015 compared to -2.53 per cent in Q1 2015 and 8.97 per cent in Q2 2014. Accommodation and food services grew by -8.97 per cent in Q2 2015 compared to 26.66 per cent in Q1 2015 and 23.86 per cent in Q2 2014.”

Public administration grew by -10.64 per cent, compared to -12.53 per cent in first quarter of 2015 and 1.17 per cent in the second quarter of last year, while mining and quarrying grew by -6.62 per cent in Q2 2015, compared to -7.91 per cent in Q1 2015 and 5.32 per cent in Q2 2014.

Non-oil GDP growth fell to 3.46 per cent in the second quarter, compared to 5.59 per cent in the first quarter of the year and 6.71 per cent in the second quarter of 2014, the NBS said.

http://www.punchng.com/business/business-economy/economic-growth-falls-to-2-35/

Blame it on Goodluck, then LIKE
Blame it in Baba Buhari, then SHARE.

Despite this statistics, i am very optimistic that Nigeria shall be great again because she has been liberated from scavengers.




This INTROVERT of a woman, are you married

figures! figures!!figures!!! lets start seeing its effect on ordinary people pls

Weka me when the g d p rise

Don't Panic ,, If the Economy fall, It shall Rise again......

This is because our President is not Clueless..... He knows how to handle things.....

Just be watching while our Able President is working.....

God Bless Nigeria

We will get there some day

The end justifies the means.
Its too early to critcise Buahri, too late to blame Jonathan.

What did you expect?

omowolewa:
The end justifies the means.
Its too early to critcise Buahri, too late to blame Jonathan.

You are right! But some people will start blaming buhari now.

No matter what, it will get better.

hmmm

It is ezpected

Some people are talking rubbish here who should we blame if not buhari, when The Great GEJ was there they said he was clueless yet the economy grew at 7% now with there sophisticated du-llard of a president he has set Nigeria back to 2.5% ask any business man now in Nigeria,cash flow in business has reduced yet we are singing praises to this duara man that knows nothing but to make noise about probe, abi na probe we go chop. Let him wake up and come tell us the economic plan he has for us.

bebene:
figures! figures!!figures!!! lets start seeing its effect on ordinary people pls

Na wa oo. Are you sure you understand what is being said here at all They say the economy is shrinking and you are screaming you want to see the evidence of it shrinking on ordinary people since you are tired of seeing just figures. Smh.


@Post: What would one expect when a country vehemently refused to diversify her economy over decades, depending solely on oil, the price of which is below $40 per barrel today? I don't see the "shocker" here. As international oil price goes, so goes the Nigerian economy- simple.

One Chance SHAME.

PARASITES

Dbboy:
Some people are talking rubbish here who should we blame if not buhari, when The Great GEJ was there they said he was clueless yet the economy grew at 7% now with there sophisticated du-llard of a president he has set Nigeria back to 2.5% ask any business man now in Nigeria,cash flow in business has reduced yet we are singing praises to this duara man that knows nothing but to make noise about probe, abi na probe we go chop. Let him wake up and come tell us the economic plan he has for us.

Don't mind them, by the time they start looking for where to borrow money it would become real to them and too late

I believe the economy will pick up aggressively from October...

APC

A party of thieves voted in by gullible sophisticated slaves down South


Educated Slaves Oya come defend your illiterate master.



God bless Jonathan and the freeborn people of the South.

GudluckIBB:

You are right! But some people will start blaming buhari now.
No matter what, it will get better.

buhari was not the president when oil was selling for over $100/barrel.

socialmediaman:
I believe the economy will pick up aggressively from October...

Why is this administration always talking in the future tense?
I guess Buhari's 'body language' is warming up for a big impact on the economy by October (even though there is nothing to guarantee that)

Anyway, we are watching and waiting...but we won't wait till forever.

I wonder why nigerians are bothering themselves with the stall in economic growth, in due time PMB's ''body language wiII fix it''...


Rather than urge PMB to hit the ground running, some so called nigerians are hailing PMB's ''body language'' as the factor in fixing nigerians problem, this set of people are the real enemies of nigeria...SMH

socialmediaman:
I believe the economy will pick up aggressively from October...

What are the pointers to indicate your assertions There is no policy/economic direction at the moment...

Dbboy:
Some people are talking rubbish here who should we blame if not buhari, when The Great GEJ was there they said he was clueless yet the economy grew at 7% now with there sophisticated du-llard of a president he has set Nigeria back to 2.5% ask any business man now in Nigeria,cash flow in business has reduced yet we are singing praises to this duara man that knows nothing but to make noise about probe, abi na probe we go chop. Let him wake up and come tell us the economic plan he has for us.

My brother sweat not, probe! probe!! probe!!! and PMB's ''body language'' will fix it in due time...

The FG Has to act fast and stop wasting time on useless probes. Our economy is crashing please

See what Bu-Wari is doing to the zoorian economy.

this is wat u get wen the CBN is doing its work( monetary policies and fx controls etc) and no minister of finance. smh o

Dbboy:
Some people are talking rubbish here who should we blame if not buhari, when The Great GEJ was there they said he was clueless yet the economy grew at 7% now with there sophisticated du-llard of a president he has set Nigeria back to 2.5% ask any business man now in Nigeria,cash flow in business has reduced yet we are singing praises to this duara man that knows nothing but to make noise about probe, abi na probe we go chop. Let him wake up and come tell us the economic plan he has for us.

My brother the level of IGNORANCE and straight out semi-illiteracy among a lot of Nigerians is truly staggering.

I challenge people to go and compare both Bill Clinton and Obama when they were fist elected. In both cases (1992 and 2008) the US economy was in trouble, during the elections both man put forward their DETAILED economic plans and once they were sworn in they got down to work implementing those plans. During the elections the plans were debated extensively and everybody know the direction that would be followed.
It is clear Buhari has no such plan. In almost three months he has not found it necessary to even convene an economic summit, to bring together talent from business, industry and finance to help give input on the way forward.
Nobody is saying don't fight corruption, but corruption is not the ONLY issue the country is facing.
Obama had to deal with an economy on the verge of collapse, two wars going wrong in Iraq and Afghanistan and the ever present threat of terror on the homeland, as well as fight to keep his promise of health care reform. He focused on ALL of them at the same time and moved forward on all. Multi tasking is what a President does!

Buhari is displaying a worrying aloofness on the economy. All the forecasts are for the price of oil to remain subdued through 2016, he needs to put together an economic team without delay and start to fashion out policies to deal with the coming economic crash.

ednut1:
this is wat u get wen the CBN is doing its work( monetary policies and fx controls etc) and no minister of finance. smh o

Chai!

Q2 results? Wasn't Q2 from April to June? How can anyone excuse the immediate past government from these results, when the same government was responsible for two out of the three months, eh?

Looking at the results, it's evident that the global oil prices constitute the major variable driving the results. Our economy is overly dependent on oil, which is bad in itself. Our failure to diversify from oil has continued and will continue to put us at the mercy of global oil prices.

What would a new finance minister have done differently to the falling oil prices?

Comparing 2015 Q2 results with 2014 Q2 results - during the peak of the oil boom, and you expected a better performance? Are you a magician? FYI, oil prices now hover between $40 - $45 pb.

Our continued dependency on oil as the only major source of foreign earnings should stop. It's high time we diversified from oil and pushed other sources of exports to forefront.

Remember, your political affiliation will not spare you from feeling the brunt of this dwindling economy.

AT least, they are no longer doctoring the statistics, they are telling us as it is. unlike before.

Dbboy:
Some people are talking rubbish here who should we blame if not buhari, when The Great GEJ was there they said he was clueless yet the economy grew at 7% now with there sophisticated du-llard of a president he has set Nigeria back to 2.5% ask any business man now in Nigeria,cash flow in business has reduced yet we are singing praises to this duara man that knows nothing but to make noise about probe, abi na probe we go chop. Let him wake up and come tell us the economic plan he has for us.

Na probe we go chop oh tell your parent to get ready them go vomit those money weh Jonathan give them.

NA WA OO