Nigeria's GDP Grows At 7.68 Per Cent


The National Bureau of Statistics (NBS) on Tuesday said that the country’s Gross Domestic Product (GDP) stood at 7.68 percent in the fourth quarter of 2011.

The Statistician-General of the Federation, Dr. Yemi Kale, disclosed this in a statement made available to the News Agency of Nigeria (NAN) in Abuja.

He said that the figure was 0.92 percent below the 8.60 percent recorded in the corresponding period in 2010.

“On an aggregate basis, the economy, when measured by the Real Gross Domestic Product (GDP), grew by 7.68 percent in the fourth quarter of 2011 as against 8.60 percent in the corresponding quarter of 2010,” the statement said.

It said that the 0.92 percentage decrease in Real GDP growth observed in the fourth quarter of 2011 was due to production shut-down in the oil sector during the period.

“On a nominal basis, the GDP for the fourth quarter of 2011 was estimated at N10.05 trillion as against the N9.46 trillion during the corresponding quarter of 2010, thus indicating an increase,” the statement said.

The NBS said that the country’s GDP became more relevant because of Nigeria’s objective of being among the 20 largest economies in the world by the year 2020 would be measured by GDP.

“Out of the 46 countries that had released their GDP in the fourth quarter of 2011, only Mongolia and China stood at 14.9 percent and 8.9 percent, respectively.

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“Two countries, as at the time of this report, grew faster than Nigeria, and China is ahead of Nigeria in current GDP rankings,” the statement said.

It said that many countries which Nigeria surpassed continued to either record negative growth or grow slower than previously estimated during the visioning process.

“Nigeria may not need the double digit growth envisaged in the vision’s blueprint despite the fact that attaining double digit growth is within its (Nigeria) capacity,” the statement said.

NBS said that the GDP growth was driven by growth in activities of the solid minerals, telecommunications, wholesale and retail trade, building and construction, hotel and restaurant, real estate and business services sectors.

“These sectors, which make up approximately 30.8 percent of the nation’s GDP, each grew at an average rate of over 10 percent during the year.

“Most vibrant is the communication sector, which grew at an average rate of 34.8 percent in 2011.

“On the other hand, the oil sector output decreased as a result of the facilities shut down in the sector,” the statement said.

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