The non-oil sector continued to be a major driver of the economy. On a year-on-year basis, the sector recorded 8.21 percent growth in the fourth quarter of 2012 compared with 9.10 percent at the corresponding period in 2011. This decline was largely attributed to a decrease in activities in the Wholesale & Retail trade and Real Estate.
The oil sector contribution to GDP growth contracted -0.79 percent in the fourth quarter of 2012 compared with the -0.08 percent growth in the corresponding period in 2011. This was mainly due to disruptions and facility shut downs like activities of vandals and oil theft that affected production, which decreased to an average daily production of 2.14 million barrels per day in fourth quarter of 2012 as against 2.44 million barrels per day in the corresponding quarter in 2011. However, the sector also benefited immensely from the relative stability in international crude oil market price and the exchange rate of naira against the dollar. The oil sector contributed 12.59 percent to real GDP in the fourth quarter of 2012, lower than the 13.57 percent recorded in the corresponding quarter in 2011.
Relative to the third quarter of 2012, the economy experienced an uptick as growth increased by 0.44 percentage points from the 6.48 percent recorded in the third quarter of 2012.