Daily Trust (Abuja)

20 February 2013

Nigeria: Fourth Quarter Economic Growth Estimated At 7.01 Percent

Nigeria's economic growth in the fourth quarter of last year was estimated at 7.01 percent compared to 6.48 percent recorded in the third quarter of that year, the National Bureau of Statistic (NBS) said yesterday.

The NBS said in the economic outlook for the Nigerian economy report for 2013 - 2016, that the overall growth in real GDP in 2012 was estimated at 6.61 percent and expected to rise to 6.75 percent this year.

"This forecast, while slightly below initial projections, is not far from historical growth patterns of the Nigerian economy over recent years," the statistic bureau said.

A look at the sectoral level revealed that the agricultural sector remained the highest contributor followed by the wholesale and retail trade, and then the crude oil and natural gas sector.

The NBS said: "The current reforms being undertaken by the government, particularly the energy and agricultural reforms are expected to drive fairly high growth rates in the agricultural and industrial sectors of the economy.

"In relation to prices, the inflation rate is expected to moderate significantly over the period under review. Inflation rate stood at 12.0 percent in December 2012, compared to 12.6 percent recorded in January 2012. The inflation rate is projected to maintain about 9.8 percent on the average over 2013."

These projections, according to NBS are driven by the assumptions that the CBN will continue to promote moderate monetary policy and domestic fuel price stability.

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