By Peter OBIORA InvestAdvocate

Lagos (INVESTADVOCATE)-Nigeria’s Gross Domestic Product (GDP) slowed to 2.11 percent year-on-year (YoY) in real terms lower by 3.83 percent from growth recorded in the corresponding quarter of 2014, the Nigerian Bureau of Statistics (NBS) said on Tuesday.

“Quarter on quarter, real GDP increased by 3.10 percent,” NBS affirmed.  According to the report, during the quarter, aggregate GDP stood at   N25, 930,469.41 million (in nominal terms) at basic prices. “Compared to the Fourth Quarter 2014 value of   N24, 205,863.34 million, nominal GDP was 7.12 percent higher,” the report added.

In the review period, the NBS said oil production stood at 2.16 million barrels per day (mbpd) 0.3 percent lower from production in Q3 of 2015. “Oil production was also lower relative to the corresponding quarter in 2014 by 1.0 percent when output was recorded at 2.19mbpd,” the report stated.

The NBS said oil production was 2.16 million barrels per day in the fourth quarter of the year, slightly lower than 2.17 million barrels recorded in the third quarter.

According to NBS, growth in the non-oil sector was largely driven by the activities of Trade, Crop Production, and Information and Communication, Other Services and Real Estate.

It affirmed the non-oil sector grew by 3.14 percent in real terms in Q4 of 2015, which was 0.08 percent higher from Q3 of 2015, yet 3.30 percent lower from the corresponding quarter in 2014.

The report further affirmed in real terms, the non-oil sector contributed 91.94 percent to the nation’s GDP, higher from shares recorded in Q3 of 2015 (89.73 percent) and Q4 of 2014.

Click here to download Report ” National Gross Domestic Product Q4 2015″-NBS