NIGERIA’S real Gross Domestic Product (GDP) declined significantly from $573 billion in 2014 to $483 billion in 2015, representing more than 14 per cent drop in one year.
This was as import/export trading activities slowed down with export dropping by 32 per cent from $82.6 billion in 2014 to $50.7 billion in 2015 and import dropping by 21 per cent from 61.6 billion in 2014 to 48.4 billion in 2015. Besides GDP decline purchasing power parity, however rose from $1.03 trillion in 2014 to $1.11 trillion in 2015.
Speaking at the Nigerian Logistics and Supply Chain: Industry Report 2016 in Lagos, Lead Consultant, ECOWAS Commission for Industry and Private Sector Development, Prof. Ken Ife, said that logistics sector is estimated at well over N200 billion and is growing at annual rate of 10 per cent. Read more