Economy grows 5.9% in Q4 2014 – NBS

The National Bureau of Statistics has said that The Nigerian economy grew by 5.94 percent on an aggregate basis in the fourth quarter of 2014, which is a decrease of 0.28 percent from the 6.23 percent recorded in the third quarter of the year, ac- cording to a report from the National Bureau of Statistics.

The Bureau said in the GDP report of the fourth quarter of the year that the growth rate was also lower by 0.83 percent when compared to the corresponding period of 2013. The report said: “When measured by the Real Gross Domestic Product (GDP), the economy grew by 5.94 per- cent (year-on- year) on an aggregate basis in the Fourth quarter of 2014. “This was lower by 0.83 percentage points from rates recorded in the Fourth quarter of 2013, and lower by 0.28 percentage points from the Third Quarter of 2014. From the Third Quarter of 2014, the economy grew by 3.84 percent in Quarter Four. “The nominal GDP at basic prices for the Fourth Quarter of 2014 was estimated at N24, 205,863.34 mil- lion, up 13.10 percent from N21, 401,519.78 million estimated for the corresponding quarter of 2013 and 5.55 percent from N22, 933,144.01 million recorded in the Third quarter of 2014.” The report also said that the economy can be broadly classified into two output sectors of Oil and Non-oil sectors, with the oil sector experiencing production and price challenges in the quarter of review.

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It said “Despite this, average daily production of crude oil was recorded at 2.18 million barrels per day (mbpd), an increase from 2.16 mbpd recorded in the Fourth Quarter of 2013 and from the 2.15 mbpd recorded in Third Quarter of the year 2014 “The oil sector also grew by 1.18 percent in the fourth Quarter of 2014, 10.54 percentage points higher than the decline of 9.36 percent recorded in the fourth Quarter of 2013. “Yet, the Oil sector contributed approximately 8.97 percent to real GDP in Quarter Four of 2014, lower by 1.48 percentage points from the 10.45 percent contribution Quarter Three of 2014, and by 0.42 percentage points from the 9.39 percent recorded during the Fourth Quarter of 2013”. The report said further that Non-oil sector growth was driven by growth in activities recorded in the Crop Production, Trade, Textile, Apparel and Footwear, and Real Estate sectors, adding that “In the Fourth quarter of 2014, the non-oil sector re- corded 6.44 percent growth in real terms, lower when compared to the 8.78 percent recorded in the corresponding period in 2013, and the 7.51 percent recorded in the Third quarter of 2014”. It explained that “Agricultural sector GDP grew by 6.28 percent (Year-on-Year) in the fourth Quarter of 2014, down by 0.19 percentage points from fourth Quarter of 2013 and 2.91 percentage points from the previous quarter of 2014. Within the Sector, Fishing had the highest growth rate of 14.68 percent, followed by Livestock at 12.70 percent. “Agriculture contributed 22.07 percent to nominal GDP in the fourth quarter of 2014. Real agricultural GDP growth in the Fourth Quarter of 2014 stood at 3.64 percent (year-on-year), an increase of 0.62 percentage points from the corresponding period of 2013, yet a decline of 0.83 percentage points from the rate recorded during the third Quarter of 2014.