Nigeria’s GDP grows by 6.5 per cent in second quarter — Govt

Finance Minister, Ngozi Okonjo-Iweala
Finance Minister, Ngozi Okonjo-Iweala

Nigeria’s Gross Domestic Product, GDP, grew by 6.54 percent in the second quarter of 2014, the National Bureau of Statistics has said.

In a statement Sunday, the Statistician-General of the Federation, Yemi Kale, said the figure was higher than 5.40 per cent recorded in the corresponding quarter of 2013, and also higher than the 6.21per cent recorded in the first quarter of 2014.

“In the second quarter of 2014, Nigeria’s Nominal GDP (at basic prices) was estimated at N 21.7 billion and 16.1 billion in real terms,” the bureau said. “In the corresponding quarter of 2013, nominal GDP was estimated N19.9 billion and N15.1 billion in real terms.”

Mr. Kale said the average daily crude oil production in the second quarter of 2014 stood at 2.21 Million Barrel Per Daily (MBPD) as against 2.11 mbpd in the corresponding quarter of 2013.

“This is an increase of 0.10 mbpd or 4.7 per cent,” he said. “In addition, the US dollar price of crude increased significantly from an average price of 104.31 per cent in second (Q2) 2013 to 112.25 in Q2 of 2014, an increase of 7.6 per cent.”

The bureau said oil GDP was valued at N2.6 billion in nominal terms in the second quarter of 2014, compared to N2.6 billion recorded in the corresponding quarter of 2013.

Mr. Kale said the non-oil real sector of the economy grew by 6.71per cent in the second quarter of 2014.

“This is a decline of 2.17 percentage points from the 8.88 per cent growth recorded in the corresponding quarter of 2013.

“Relative to Q1 of 2013, non-oil growth was also lower by 1.49 percentage points when growth was recorded at 8.21 per cent.’’

He said the services sector accounted for the largest share of real GDP in the second quarter of 2014, amounting to N8.5 billion or 53.15 per cent.

“Industry ranked second with a contribution of N4.2 billion or 25.96 per cent, while agriculture constituted the smallest sector in the second quarter, representing N3.4 billion or 20.89 per cent of GDP,” he said. (NAN)

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