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Nigeria records 6.28% GDP growth

18 September 2012, 14:06

Abuja - National Bureau of Statistics (NBS) yesterday announced that Nigeria’s Real Gross Domestic Product (GDP) has grown by 6.28 per cent on an aggregate basis in the second quarter of 2012, despite the depressive performances of major economies in Europe, Asian and America in the recent past.

The report, which was published on its website, also said that the growth rate is slower than the 7.61 per cent in the corresponding quarter of 2011, while on the overall performance of the economy in the quarter under review indicated that the nominal Gross Domestic Product for the three months period ended June, this year, which was estimated at N9.84 trillion, was still higher than the N9.17 trillion recorded during the corresponding period of last year.

Giving a breakdown of the contributions to the growth rate, the bureau indicated that the non-oil sector was growing faster with activities in the building & construction sector, while the oil sector’s contributions shrank during the period under review.

However, the overall output from crude oil production dipped during the review period comparative to what was the output in Q2, 2011. Also, the report said that the oil sector with a total of 2.38 million barrels of oil production per day recorded a real terms growth rate of -0.73 per cent as against the 2.45 million barrels per day, representing 0.98 per cent growth, in the corresponding period of last year.

However, it admitted that the oil sector remains a major driver of the economy over the past year while the non-oil sector also experienced a slower growth rate in Q2, 2012 with a growth rate of 7.50 per cent in real terms compared with 8.85 per cent in the corresponding period of last year.

The report also attributed the slower growth rate to a decline in activities in the Wholesale & Retail Trade, Telecommunications and Agricultural sectors, disclosing that the agricultural sector, which is the largest contributor to the GDP growth, also showed significant decline in performance as in terms of output, real agricultural GDP growth in Q2, 2012 dropped to 3.97 per cent as against 5.95 per cent in the Q2, 2011. According to NBS, the decline in the sector’s output is largely to persisting constraints including hindered movement of farm inputs and produce in major agricultural producing states especially in the northern part of the country as well as high rainfall intensity during the quarter, which resulted in flooding and invariably, output levels in some parts of the country.

The bureau gave an appraisal of the performance of other sectors in terms of their contributions to the real GDP saying that the manufacturing sector fared well with an increase in growth rate from 7.34 per cent in the second quarter of 2011 to 7.45 percent in the review period in 2012.

Also, the telecommunication sector recorded a real GDP growth of 29.77 per cent in the review period compared to 33.70 per cent recorded in Q1, 2011 whereas the wholesale and retail trade sector grew by 8.61 per cent in Q1, 2012, representing a decline of 2.86 per cent over the 11.47 per cent recorded in the corresponding quarter of last year compared with the real sector growth rate which stood at 10.87 per cent in Q2, 2012 compared with 10.48 per cent in corresponding period of last year.


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