7 September 2013

Nigeria: Electricity, Oil Challenges Slow Down Nigeria's Economy

Electricity and oil production challenges have slowed down the growth of Nigeria's Gross Domestic Product (GDP) in the second quarter report released by the country's National Bureau of Statistics.

The report sent to journalists yesterday through e-mail by the Statistician General of the Federation, Dr. Yemi Kale, shows that the GDP dropped by 0.38 per cent from 6.56 per cent of the first quarter of 2013 to 6.18 per cent of the second quarter of the year.

"The nominal GDP for the second quarter of 2013 was estimated at N9, 115,320.72 million lower than N9, 840,226.91 million estimated for the corresponding quarter of 2012 and N9, 493,779.44 million recorded in the first quarter of 2013," the report said.

The report said, though the oil sector enjoyed relative stability in the international crude oil market, supply disruption through pipeline vandalization remains an issue as the sector recorded -1.15 percent growth in the second quarter of 2013 compared to the -0.54 percent growth it recorded in the first quarter of the year.

"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 mil-lion barrels per day recorded in the first quarter of the year, and 2.38 million barrels per day recorded in the second quarter of 2012.

These figures, with their associated gas components, resulted in a real growth rate of -1.15 percent in oil GDP for the second quarter of 2013, compared to the -0.54 percent recorded in the first quarter of 2013 and -0.78 percent recorded in the corresponding period of 2012.

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