MANUFACTURING STILL NIGERIA’S FASTEST-GROWING SECTOR

Nigeria’s manufacturing sector continues to record the fastest growth, according to the country’s National Bureau of Statistics.

Nigeria - Real GDP growth

7.1

(% change)

in 2014

Annual percentage growth rate of GDP at market prices based on constant local currency. GDP is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources.

“Other manufacturing activities among the fastest growing include non-metallic products, textile, apparel and footwear, and plastic and rubber products, all of which grew at a rate of close to 30 per cent,” the bureau said.

“The slowest second quarter growth was recorded under electricity, gas, steam and air-conditioning supply, which exhibited negative real growth of 20.57 per cent as electricity output slowed during the quarter.”

The bureau also stated that in the second quarter, Nigeria’s nominal Gross Domestic Product (GDP), at basic prices, was estimated at 21,734,829.86 million naira, and 16,084,622.31 million in real terms.

“As a result, the growth rate of real GDP was recorded at 6.54 per cent in the second quarter of 2014, higher than 5.40 per cent recorded in the corresponding quarter of 2013, and also higher than the 6.21 per cent recorded in the first quarter of 2014,” it said.

“The services sector accounted for the largest share of real GDP in the second quarter of 2014, amounting to 53.15 per cent. Industry ranked second with a contribution of 25.96 per cent, whilst agriculture constituted the smallest sector in the second quarter, representing 20.89 per cent of GDP.”

Real growth in the country’s oil sector was recorded at 5.40 per cent in the second quarter of 2014 indicating better performance compared to the -16.42 per cent growth recorded in the second quarter of 2013.

“The average daily crude oil production in the second quarter of 2014 was recorded at 2.21 mbpd against 2.11 mbpd in the corresponding quarter of 2013, an increase of 4.7 per cent. In addition, the United States dollar price of crude increased [by] 7.6 per cent,” said the bureau.

“Consequently, oil GDP was valued at 2,633,328.61 million naira in nominal terms in the second quarter of 2014, compared to 2,633,328.61 million naira recorded in the corresponding quarter of 2013.”

CNBC AFRICA