Nigeria GDP Growth Accelerates in Q2


Nigerian GDP advanced 6.54 percent year-on-year in the April to June period, driven by a rebound in oil production. According to Nigeria National Bureau of Statistics estimates, the economy accelerated from a 6.21 percent expansion in the first three months of 2014 and a 5.4 percent increase a year earlier.

The average daily crude oil production reached 2.21 mbpd in the second quarter of 2014 compared to 2.11 mbpd a year earlier. In addition, crude price increased significantly from an average of USD 104.31 in Q2 2013 to USD 112.25 in Q2 2014, an increase of 7.6 percent. The oil sector increased 5.40 percent, compared to a 16.42 percent fall in the second quarter of 2013. 

The non-oil sector grew 6.71 percent year-on-year, slowing from an 8.88 percent increase a year earlier. The services sector advanced at a slower 6.54 percent (8.95 percent in Q2 2013) while industry and agriculture expanded at a faster 8.97 percent and 3.68 percent, respectively (0.89 percent and 2.57 percent respectively a year earlier). 

On a quarter-on-quarter basis, the economy expanded 4.18 percent in the second quarter of 2014, following a 9.88 percent contraction in the previous period.

Nigeria GDP Growth Accelerates in Q2


Nigeria National Bureau of Statistics | Joana Taborda | joana.taborda@tradingeconomics.com
9/8/2014 2:29:25 PM