Nigeria’s annual GDP growth slows to 6.18% in Q2 2103

By bne IntelliNews September 9, 2013

Nigeria’s real annual GDP growth slowed to 6.18% in the second quarter of 2013 from 6.56% in the first quarter mainly due to lower oil output, caused by thefts, leakages and pipeline breaks, the National Bureau of Statistics (NBS) said. In Q2 2012, the GDP growth was 6.39%. The nominal GDP of Africa’s second biggest economy was estimated at NGN 9.115trln (EUR 42.4bn) in Q2 2013, compared to NGN 9.84trln in Q1 2012 and NGN 9.494trln in Q1 2013.

The NBS said that while the oil sector experienced production challenges, the non-oil sector output increased in Q2 2013, driven by growth in the agriculture, airline, hotel and restaurant, and the construction sectors.

The average daily production of crude oil fell to 2.11 million barrels per day in Q2 2013 from 2.29 million barrels per day in Q1 2013 and 2.38 million barrels per day in Q2 2012. The real growth in oil GDP was thus negative at -1.15% in Q2 2013, compared to -0.54% in Q1 2013 and to -0.78% in Q2 2012.

Nigeria is the biggest oil producer in Africa and its economy is highly dependent on oil production, which is the country’s main source of foreign exchange revenue and also of government revenue in the form of taxes and royalties. However, oil thefts, sabotage, and pipeline vandalism are widespread in the West African country, and have led to the loss of over 136 million barrels of crude oil estimated at about USD 10.9bn due between 2009 and 2011. The oil sector contributed 12.9% to real GDP in Q2 2013, down from 14.75% in Q1 2013 and 13.86% in Q2 2012.

The non-oil sector recorded a 7.36% annual growth in Q2 2013, compared to a 7.63% rise in Q2 2012, and to 7.89% increase in Q1 2013. The decline was partly attributed to lower electricity generation which affected manufacturing, telecommunications and trade. Agriculture, which contributed 40.1% to Nigeria’s GDP, grew by 4.52% y/y in Q2 2013, speeding from a 4.14% growth in Q1 2013 and from 4.21% rise in Q2 2102.

Related Articles

AB InBev sells 54.5% stake in African Coke bottling business for $3.15bn

Anheuser-Busch InBev will sell a 54.5% stake in Africa's largest Coke bottler to Coca-Cola Company for $3.15bn, the two companies said in a joint statement on December 21. The deal is expected to ... more

IMF slashes South Africa’s 2016 growth outlook to 0.7%

The International Monetary Fund (IMF) has lowered sharply its 2016 GDP growth forecast for South Africa to just 0.7% from 1.3% anticipated in October, its World Economic Outlook (WEO) update released ... more

MTN Nigerian fine raised back to $5.2bn, court refuses to freeze company bank accounts

The record fine, imposed on South Africa-based telecoms group MTN by the Nigerian Communications Commission (NCC) has been raised back to $5.2bn, publications in local media revealed. The ... more

Register here to continue reading this article and 2 more for free or purchase 12 months full website access including the bne Magazine for just $119/year.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

Thank you. Please complete your registration by confirming your email address.
A confirmation email has been sent to the email address you provided.

To continue viewing our content you need to complete the registration process.

Please look for an email that was sent to with the subject line "Confirmation bne IntelliNews access". This email will have instructions on how to complete registration process. Please check in your "Junk" folder in case this communication was misdirected in your email system.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

If you have any questions please contact us at sales@intellinews.com

Subscribe to bne IntelliNews website and magazine

Subscribe to bne IntelliNews website and monthly magazine, the leading source of business, economic and financial news and commentary in emerging markets.

Your subscription includes:
  • Full access to the bne content daily news and features on the website
  • Newsletters direct to your mailbox
  • Print and digital subscription to the monthly bne magazine
  • Digital subscription to the weekly bne newspaper

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

bne IntelliNews
$119 per year

All prices are in US dollars net of applicable taxes.

If you have any questions please contact us at sales@intellinews.com

Register for free to read bne IntelliNews Magazine. You'll receive a free digital subscription.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

Thank you. Please complete your registration by confirming your email address.
A confirmation email has been sent to the email address you provided.

IntelliNews Pro offers daily news updates delivered to your inbox and in-depth data reports.
Get the emerging markets newswire that financial professionals trust.

"No day starts for my team without IntelliNews Pro" — UBS

Thank-you for requesting an IntelliNews Pro trial. Our team will be in contact with you shortly.

Dismiss