The National Bureau of Statistics, NBS, said on Sunday that the Nigerian economy grew by about 6.23 per cent on aggregate basis in the third quarter (Q3) of 2014.
The Bureau said in its latest report that the economy, measured by the real GDP (year-on-year), was higher by 1.06 percentage points from rates recorded in the Q3 of 2013 and lower by 0.31 percentage points from the Q2 of 2014.
Relative to the Q2 of 2014, the statistics bureau said the economy grew by 8.67 percent in the Q3, with nominal GDP at basic prices for Q3 of 2014 estimated at N22.93 trillion, up 12.06 per cent from N20.46trillion estimated for the corresponding quarter of 2013, and 5.51 percent from N21.74 trillion recorded in Q2 of 2014.
According to the report, the oil sector, which forms one of the two pegs for the economy, experienced production challenges, with average daily production of crude oil in Q3 of 2014 at 2.15 million barrels per day (MBPD), a decrease from 2.26 MBPD recorded in Q3 of 2013 and 2.21 MBPD in Q2 of 2014.
The result, the NBS noted, represented a decline in oil GDP by 3.6 percent in Q3 of 2013, which was also lower relative to 5.47 percent in the Q2 of 2014.
During the period under review, the report said the oil sector contributed approximately 10.45 percent to real GDP in the Q3 of 2014, and lower from the 10.76 percent contribution in Q2 of 2014, and the 11.51 percent contribution during the Third Quarter of
In the third quarter of 2014, the non-oil sector grew by 7.51 per cent in real terms, but lower when compared to 8.46 percent recorded during at the corresponding period in 2013, and higher than 6.71 per cent in the Q2 of 2014.
The sector growth, the report said, was driven by the growth in activities recorded in the crop production, textile, apparel and footwear; telecommunications, and real estate sub-sectors.
Sector-by-sector review of the report revealed that the agriculture sector, which comprises of crop production, livestock, forestry and fishing, grew in nominal terms by 9.19 percent (Year-on-Year) in Q3 of 2014, up by 2.72 percentage points Q3 of 2013, and 2.52 percentage points from the previous quarter of 2014.
Intra-sector performance showed that fishing activities grew the fastest by 18.76 percent, followed by Livestock at 12.36 percent, with crop production and livestock growing the fastest by 52.83 per cent and 5.05 per cent respectively.
Agriculture sector contribution to nominal GDP, the report said, stood at 23.77 percent in Q3 of 2014, with real agricultural GDP growing in Q3 of 2014 at 4.47 percent (year-on-year), up by 1.03 percentage points from the corresponding period of 2013, and higher by 0.79 percentage points from the rate Q2 of 2014.
The report identified crop production as the main driver of growth Q3 of 2014 by 4.34 per cent, while the sector grew by 38.53 per cent (quarter-on-quarter basis) in Q3 of 2014, with crop production again emerging as the main driver of growth by 43.50 per cent.
The contribution of Agriculture to GDP in real terms, the report added, was 26.63 per cent in Q3 of 2014, compared to 27.08 per cent in Q3 of 2013 and 20.89 per cent in Q2 of 2014.
In the mining and quarrying sector, which consist crude petroleum and natural gas, coal mining, metal ore and quarrying and other Minerals, growth (year-on-year) in nominal terms, was negative with 14.68 percent in Q3 of 2014.
The performance was about 3.58 percentage points lower than the growth in the corresponding quarter of 2013, and 27.90 percentage points higher from the record in Q2 of 2014.
Coal Mining and Metal ores were the fastest growing during the period, growing by 27.87 per cent and 25.3 per cent respectively, while quarter-on-quarter basis showed that the sector slowed by 11.45 per cent, with quarrying and other minerals and crude petroleum and natural leading the growth by 12.31 per cent and -11.58 per cent respectively.
The contribution of mining and quarrying to the nominal GDP in Q3 of 2014, the NBS said, was 10.26 per cent.
The manufacturing sector, consisting 13 activities, including oil conditioning supply, refining, cement, food, beverages and tobacco, textile, apparel, and footwear, and wood products, declined 4.74 percentage points in Q3 of 2014, compared to corresponding period of 2013.
It was, however, 2.05 percentage points higher from rates recorded in Q2 of 2014, with non-metallic products, and chemical and pharmaceutical products activities recording the fastest growth by 44.43 per cent and 44.22 per cent respectively.
For the electricity, gas, steam and air conditioning sector, the report said real growth was negative 0.02 per cent in Q3 of 2014, with 28.93 percentage points lower from growth recorded in corresponding quarter of 2013, though 10.55 percentage points higher from the growth level in Q2 2014.
The trade sector grew by 23.81 per cent in Q3 of 2014, higher by 7.79 percentage points from the rate recorded in the corresponding quarter of 2013 and by 20.93 percentage points from Q2 of 2014 rate. The sector contribution to Nominal GDP was 17.36 per cent in Q3 of 2014.