Nigeria GDP Growth Slows to 6.18% YoY in Q2


In the second quarter of 2013, Nigerian economy grew 6.18 percent year-on-year, slower than the 6.56 percent recorded in the first quarter of 2013 and 6.39 percent a year ago, as theft and pipeline shutdowns continue to hurt the oil sector.

The non-oil sector continues to sustain the Nigerian economy. In the second quarter of 2013, it increased 7.36 percent, compared with 7.63 percent a year ago. This decline was partly attributed to lower electricity generation during the period which had ripple effects on other manufacturing, telecommunications and wholesale and retail trade.

The average daily production of crude oil in the second quarter of 2013 was recorded at 2.11 million barrels per day, a decline from 2.29 million barrels per day in the first quarter of the year, and 2.38 million barrels per day in the second quarter of 2012. These figures, with their associated gas components, resulted in a contraction of -1.15 percent in oil GDP for the second quarter of 2013 (compared with -0.54 percent recorded in the first quarter of 2013 and -0.78 percent recorded in the corresponding period of 2012).

Nigeria GDP Growth Slows to 6.18% YoY in Q2


National Bureau of Statistics | Joana Taborda | joana.taborda@tradingeconomics.com
9/6/2013 7:21:54 PM