Nigerian Economy Expands 6.81% YoY in Q3

In the third quarter of 2013, the Nigerian economy advanced 6.81 percent, slightly up from 6.18 percent in the previous three-month period. While supply disruptions continue to hamper output in the oil sector, the agriculture, wholesale and retail trade and manufacturing sectors sustained growth.

Production of crude oil and natural gas shrank for the fourth straight quarter by 0.53 percent.

Agricultural output continues to improve in 2013 and rose 5.08 percent in the second quarter, up from 3.89 percent a year ago and higher than the 4.52 percent growth recorded in the second quarter. This is the highest growth rate in the sector in the last eight quarters, boosted by crop production and fishing.

Wholesale and retail trade remains the second largest contributor to GDP, after Agriculture. It increased 9.03 percent in Q3, slightly down from 9.62 percent in the June quarter, but up from 7.44 percent a year ago.

Manufacturing output expanded 8.16 percent over a year earlier, up from 6.81 percent in the second quarter, and 7.78 percent a year ago, mainly due to higher oil refining and cement production. Other manufacturing activities also surged in the third quarter, on the back of improved agricultural output, and higher consumer demand.

The telecommunication sector advanced 24.42 percent in the third quarter of 2013, up from 22.12 percent recorded in the second quarter of the year.

Real estate activities increased 10.35 percent; business and other services rose 9.2 percent and finance and insurance activities grew 4.15 percent. 

Nigerian Economy Expands 6.81% YoY in Q3

National Bureau of Statistics | Joana Taborda |
11/18/2013 6:11:09 PM