Nigeria’s GDP grew by 5.94 percent in the fourth quarter of 2014, year-on-year, down from 6.77 percent in the same period a year before, due largely to slower growth in the services sector, the statistics office said on Sunday.
The services sector, which accounted for 53.48 percent of fourth quarter gross domestic product, expanded by 6.15 percent in the period, compared with a growth rate of 8.38 percent in the final quarter of 2013.
Crude production in the quarter rose to 2.18 million barrels per day, up from 2.16 million barrels per day a year earlier, the National Bureau of Statistics (NBS) said.
A sharp drop in the price of oil, Nigeria’s main export, has hammered its currency which hit a series of record lows against the dollar in the last three months despite the central bank burning through 20 percent of its reserves to prop it up, reports Reuters.
The Central Bank devalued the naira again last week, the second time in three months, by scrapping its bi-weekly currency auction, while the government has trimmed its spending plans for 2015.
In January, the NBS lowered its forecast for economic growth this year to 5.54 percent, down from 6.22 percent achieved last year.