Nigeria Economy | |
Nigeria Economy | |
4688 VIEWS | |
![]() |
Tuesday, October 24, 2017 12:00PM / NBS
The Gross Domestic Product (GDP) can be derived
as the value of all goods and services available for final uses and export. GDP
at market prices includes net taxes on products; this is subtracted to obtain
basic price GDP.
The expenditure approach measures the final uses
of the produced output as the sum of Final consumption, Gross Capital Formation
and Exports less Imports, which are considered in turn in this chapter.
Consumption of fixed capital—a measure of depreciation of assets—comprises the
difference between Gross Domestic Product (GDP) and Net Domestic Product (NDP)
and is also considered in this chapter.
Basic price GDP declined in real terms by 2.34%
and 1.73% the third and fourth quarters of 2016 respectively, considerably
lower than the growth rates of 2.84% and 2.11% that were recorded in the same
quarters of 2015. Market price GDP declined at a similar rate in the third
quarter at 2.38%, and a slightly slower rate1.63% in the fourth quarter as a
result of faster growth in Net taxes in the fourth quarter.
Household Final Consumption Expenditure: |
This consists of expenditure, including imputed
expenditure, incurred by resident households on individual consumption goods
and services. This is calculated as a residual. |
General Government Final Consumption Expenditure: |
This consists of expenditure, including imputed expenditure,
incurred by government at all levels on both individual and collective
consumption goods and services. Individual consumption items are those that
are provided to individual households, such as education and health services.
Collective consumption items relate to goods and services utilised by society
as a whole, such as security and infrastructure. |
Not for Profit Institutions Serving Households Final
Consumption Expenditure |
This consists of expenditure, including imputed
expenditure, incurred by Not-for-Profit-Institutions-Serving-Households,
which consist of organisations such as charities and non-government
organisations. |
Gross Fixed Capital Formation |
This is measured as the total value of producer’s
acquisitions, less disposals, of fixed assets during the accounting period,
plus certain additions to the value of non-produced assets (such as
improvements to natural assets) realised by the productive activity of
institutional units. |
Change in Inventories |
is the consist of changes in; stocks of outputs that
are still held by units that produced them prior to their being further
processed , sold, delivered to other units or used in other ways, measure by
the value of the entries into inventories less the value of withdrawals and
the value of any recurrent losses of goods held in inventories. |
Exports of Goods and Services |
Consists of sales of goods and services to residents
abroad, from residents within Nigeria |
Imports of Goods and Services |
Consists of sales of goods and services from residents
abroad, to residents within Nigeria |
Consumption of Fixed Capital |
This represents the reduction in value of the fixed
assets used in production during the period, that results from physical
deterioration, normal obsolescence or normal accidental damage. |
After recording relatively strong growth in the
beginning of 2016, this expenditure component recorded negative real growth in
the second half of 2016; continued its decline by 6.90% in the third quarter,
and recorded a slower decline of 3.18% in the fourth. In nominal terms, NPISH expenditure grew by
9.43% and 12.83% respectively in the third and fourth quarters. Despite this growth in nominal terms, overall
expenditure of this component declined by 2.98% in 2016.
Not-for-Profit-Institutions-Serving-Households (NPISH)
After recording relatively strong growth in the
beginning of 2016, this expenditure component recorded negative real growth in
the second half of 2016; continued its decline by 6.90% in the third quarter,
and recorded a slower decline of 3.18% in the fourth. In nominal terms, NPISH expenditure grew by
9.43% and 12.83% respectively in the third and fourth quarters. Despite this growth in nominal terms, overall
expenditure of this component declined by 2.98% in 2016.
Growth in Consumption Components in 2016 |
|||||
|
Real |
|
|
Nominal |
|
|
Q3 |
Q4 |
|
Q3 |
Q4 |
Y on Y |
|
|
|
|
|
Households |
-2.39 |
-14.59 |
|
14.74 |
12.54 |
NPISH |
-6.90 |
-3.18 |
|
9.43 |
12.83 |
Government |
-19.56 |
-17.83 |
|
-5.45 |
-4.25 |
individual |
-10.68 |
8.22 |
|
-9.77 |
-2.02 |
collective |
-23.90 |
-28.62 |
|
-3.94 |
-4.96 |
Q on Q |
|
|
|
|
|
Households |
14.58 |
-7.19 |
|
21.39 |
4.45 |
NPISH |
38.38 |
24.08 |
|
44.34 |
29.42 |
Government |
-3.49 |
6.54 |
|
0.66 |
11.12 |
individual |
11.38 |
12.76 |
|
1.22 |
11.21 |
collective |
-10.35 |
2.97 |
|
0.48 |
11.09 |
Latest 2017 NBS
Reports
Q4 2017
2. Average Prices of PMS, AGO,
HHK and Cooking Gas - September 2017
3. Average
Air Fare Increased by 31.31% YoY in September 2017
4. Average
Price of 1kg of Yam Tuber Increased by 28.65% YoY in September 2017
5. CPI Drops to 15.98% in Sept
2017, 0.03% Lower Than 16.01% August Rate
6.
Multiple Indicator Cluster Survey
2016-17
7.
Pension Fund Asset under Management
as at 31 December 2016 stood at N6,164.76bn - NBS
8.
835.58m Crude Oil Processed from 1997
to 2014
9.
N701.85bn Gross Revenue Generated in
July 2017
10. FAAC Disburses N467.85bn in August
2017 - NBS
11.
Lagos Accounted for 74.8% of
International Passenger Traffic in Q2 2017
12. Lagos State Has the Highest Foreign
and Domestic Debts as at June 2017
13. CPI Drops to 16.01% in August 2017,
0.04% Lower Than 16.05% July Rate
14. Average Air Fare Increased by 32.75%
YoY in August 2017
15.
Average Prices of PMS, AGO, HHK and
Cooking Gas - August 2017
16. Average Price of 1kg of Yam Tuber
Increased by 53.98% YoY in August 2017
17.
Nigeria’s Merchandise Trade Grew
Marginally QoQ but Significantly YoY in Q2 2017
18. 2,287 Drug Abuse Convictions Secured
in 2016 - NBS
19. Average Price of 1kg of Tomato
Increased YoY by 15.65% in July 2017 - NBS
20. Average Prices of PMS, AGO, HHK and
Cooking Gas - July 2017
21. Average Intercity Fare Increased YoY
by 27.49% in July 2017 - NBS
22. CPI Drops to 16.05% in July 2017,
0.05% Lower Than 16.10% June Rate
23. Total Value of Capital Imported into
Nigeria in Q2 2017 Estimated at $1,792.3m - NBS
24. FAAC Disburses N652.23bn in July 2017
- NBS
25. Active Voice Subscribers Dropped by 6.67% in Q2 2017 –
NBS
26. Banking Sector Records 327.37m Volume of Transactions
in Q2 2017 - NBS
27. 870,397 Candidates Sat for NECO in June and July 2016
28. 3,457 Nigerians Repatriated from
Abroad in 2016 – NBS
29. Corruption in Nigeria - Bribery as
Experienced by the Population
30. Nigeria Produced 656.8m Barrels of
Crude Oil in 2016
31. 2,503 Road Traffic Crashes Recorded
in Q2 2017 - NBS
32. Daily Energy Generation Attained a
Peak of 4,079MW in Q2 2017 - NBS
33. 7.59m Nigerians Are Registered Under
the National Pension Scheme as at Q2’17 - NBS
34. FAAC Disburses N462.36bn in June 2017
- NBS
35. NBS Annual Abstract of Statistics
2016
36. Average Prices of PMS, AGO, HHK and
Cooking Gas Price Watch - June 2017
37. Average Intercity Transport Fare
Decreases to N1,559.68 in Jun’17 from N1,565 in May’17
38. Average Price Of 1kg Of Yam Tuber
Increased YoY by 32.84% in June 2017 -NBS
39. CPI Drops to 16.10% in June 2017,
0.15% Lower Than 16.25% May Rate
Q2 2017
40. FAAC Disburses N418.82bn in
May 2017 - NBS
41. GDP By Income and Expenditure Approach – Basic Price
GDP Declines by 2.3% in Q3’16 - NBS
42. Average Price Watch of PMS, AGO, HHK and Cooking Gas -
May 2017
43.
Average Intercity Transport Fare Decreases to N1,5865. in May’17 from
N1,587.04 in Apr’17
44. Average Price Of 1kg Of Yam Tuber Increased YoY by 52.69% in May 2017 -
NBS
45. CPI Drops to 16.25% in May 2017, 0.99% Lower Than 17.24% April Rate
46. N204.77bn
Generated as VAT in Q1 2017 - NBS
47. 125,790 Cases
of Reported Offences Recorded in 2016 - NBS
48. Labour
Productivity Rose to N684.43 in 2016 - NBS
49. Merchandise
Trade Grew By 0.1% - Positive Trade Balance Due to Rising Exports & Falling
Imports
50. Unemployment
Rate Rises to 14.2% in Q4’16 from 13.9% in Q3’16 - NBS
51.
Lagos Airport
Accounted for 76.5% of International Passengers in Q1 2017 - NBS
52. FAAC
Disburses N496.39bn in April 2017 - NBS
53. Banking Sector Records 304.31
mln Volume of Transaction in Q1 2017 - NBS
54. Total Value
of Capital Imported into Nigeria in Q1 2017 Estimated at $908.27m - NBS
55. GDP Contracts by -0.52% in
Q1’17 from -1.73% in Q4’16; 5th Consecutive Quarter of Contraction
56. Average
Prices of PMS, AGO, HHK and Cooking Gas Price Watch – April 2017
57. Average
Intercity Transport Fare Increases to N1,587.04 in Apr’17 from N1,466.46 in
Mar’17
58. Average
Prices of 1kg of Yam Tubber Increased by 42.45% YoY in April 2017
59. CPI Drops to 17.24% in April 2017, 0.02% Lower Than 17.26% March Rate
60. Lagos, Rivers Top IGR for Full Year 2016
61. Telecoms Subscribers Dropped by 1.33% in Q1 2017 - NBS
62. Nigeria Imports 4.05bn Litres of PMS in Q1 2017 - NBS
63. Lagos State has the highest domestic and foreign debt profile in 2016 - NBS
64. 2,556 Road Traffic Crashes Recorded in Q1 2017 - NBS
65. FAAC Disburses N466.93bn in March 2017
66. Daily Energy Generation Attained a Peak of 5,846 MW in Q1 2017 - NBS
67. Average Prices of PMS, AGO, HHK and Cooking Gas Price Watch - March 2017
68. Average Intercity Transport Fare Increases to N1,466.46 in Mar’17 from
N1,411.87 in Feb’17
69. Average Prices of 1kg of Yam Tubber Increased by 63.4% YoY in March 2017
70. CPI Drops to 17.26% in March 2017, 0.52% Lower Than 17.78% February Rate
71. 7.49m Nigerians Are Registered Under the National Pension Scheme As At Q1
2017 - NBS
72. Lagos Airport Accounted for 69.1% of International Passengers in 2016 - NBS
Q1 2017
73. 11,363 Road Traffic Crashes Recorded in 2016 - NBS
74. FAAC Disburses N514.15bn in February 2017
75. FAAC
Disburses N430.16bn in January 2017
76. Average
Intercity Transport Fare Decreases to N1,411.87 in Feb’17 from N1430.63 in
Jan’17
77. Average Price of 1kg of Rice
Increased by 68% YoY in February 2017
78. Average Prices of PMS, AGO,
HHK and Cooking Gas Price Watch - February 2017
79. CPI Drops to 17.78% in
February 2017, 0.94% Lower Than 18.72% January Rate
80.Nigeria
Produced 43.49m Tons of Solid Minerals in 2016 - NBS
81. NIPOST
Generates N8.84bn Revenue in 2016 - NBS
82. Q4 2016
Merchandise Trade Intensity - Total Trade Grows by 6.5% in 2016
83. Merchandise
Trade Grows in Q4 2016 - Records First Quarterly Positive Trade Balance Since
Q4 2015
84. GDP Contracts
by -1.30% in Q4 and -1.51% for Full Year 2016; Is Nigeria on Its Way Out of
Recession?
85. JAMB Received
11.7m Applications Between 2010 and 2016
86. Average Kerosene Price
Increases to N433.84 in Jan'17 from N231.85 in Dec'16
87. Average Intracity Transport
Fare Increases to N122 in Jan'17 from N84.29 in Dec'16
88.Average Cooking Gas Price
Increases to N2,567.56 in Jan’17 from N2,002.16 in Dec’16
89. Average Diesel Price Increases
to N240.52 in Jan’17 from N196.20 in Dec’16
90. Average Petrol Price Increases
to N148.7 in Jan'17 from N146.7 in Dec'16
91. CPI Rises to
18.72% in January 2017, 0.17% Higher Than 18.55% December 2016 Rate
92. GENCOs Issued
Total Invoice of N331bn to DISCOs in 2016
93. Nigeria
Produced 5.79 mln Tonnes of Fish Between 2010 and 2015
94. 4,296 Applications
Were Received by NAFDAC for New Products Registration in 2016 - NBS
95. 19,833
Vessels Berthed At Nigerian Ports Between 2013 and 2016 - NBS
96. Total Value
of Capital Imported into Nigeria in Q4 2016 Estimated at $1,548.88mln - NBS
97. Telecoms
Sector Contributes N1,399bn to GDP in Q3 2016 - NBS
98. FAAC
Disburses N426.88bn in December 2016 - NBS
99. Banking
Sector Records 910.18m Volume of Transaction in 2016 on Electronic Payment
Channels - NBS
100. Daily Energy Generation
Attained a Peak of 3,859.59MW in Q4 2016 - NBS
101. 10.8% of Nigeria's
Total Working Population Are Registered Under The National Pension Scheme - NBS
102.
Nigeria
Imports 4.83 bn Litres of PMS in Q4 2016 - NBS
103.
72.53% of
Nigeria’s Prison Population in 2015 were Un-sentenced - NBS
104.
Lagos, Ogun
Top IGR for H1 2016