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.

Copyright © 2013 Daily Trust. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 2,000 reports a day from more than 130 news organizations and over 200 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.