World Economy

Nigeria Records 5.94% Growth

Nigeria Records 5.94% GrowthNigeria Records 5.94% Growth

Nigeria’s National Bureau of Statistics (NBS), says the country’s real Gross Domestic Product (GDP) growth rate recorded an impressive mark moving to 5.94 percent in the fourth quarter (Q4) of 2014, compared to 6.23 percent in the third quarter.

The NBS in its latest quarterly report explained that the improvement was lower by 0.83 percentage points from rates recorded in the Fourth quarter of the preceding year, and lower by 0.28 percentage points from the Q3 of 2014, Vanguard reported.

According to the NBS, from the third Quarter of 2014, the economy grew by 3.84 percent in Q4.

  Two Sectors

Though, the survey was based on two output sectors namely, oil and non-oil sectors, the non-oil sector growth was driven by growth in activities recorded in the crop production, trade, textile, apparel and footwear, and real estate sectors.

Also in the same period, the non-oil sector recorded 6.44 percent growth in real terms, lower when compared to the 8.78 percent recorded in the corresponding period in 2013, and the 7.51 percent recorded in the third quarter of 2014.

On the other hand, the oil sector also grew by 1.18 percent in the fourth quarter of 2014, 10.54 percentage points, higher than the decline of 9.36 percent recorded in the Q4 of 2013.

The oil sector contributed approximately 8.97 percent to real GDP in quarter four of 2014, lower by 1.48 percentage points from the 10.45 percent contribution Q3 of 2014, and by 0.42 percentage points from the 9.39 percent recorded during the Q4 of 2013.

The agriculture in the quarter four of 2014, was made up of four sub-activities, namely: crop production, livestock, forestry and fishing.

In nominal terms, agricultural sector GDP grew by 6.28 percent (Year-on-Year) in the Q4 of 2014, down by 0.19 percentage points from Q4 of 2013 and 2.91 percentage points from the previous quarter of 2014.

Within the sector, fishing had the highest growth rate of 14.68 percent, followed by livestock at 12.70 percent.

Meanwhile, agriculture contributed 22.07 percent to nominal GDP in the fourth quarter of 2014.

Similarly, the mining and quarrying sector consists of four activities also in the period in review: crude petroleum and natural gas, coal mining, metal ore and quarrying and other minerals.

The sector´s nominal GDP recorded negative growth of 17.16 percent (year-on-year) in the Q4 of 2014, 16.53 percentage points higher than the -0.31 percent growth rate recorded in the corresponding quarter of 2013 and 2.48 percentage points, lower than growth rate recorded in the Q3 of 2014.

Coal mining and metal ores were the fastest growing activities during the period, growing by 29.88 percent and 26.76 percent respectively.

Quarter on quarter, sector growth slowed by 11.93 percent, with coal mining, and quarrying and other minerals leading growth.