Nigerian economy grew by 6.28 per cent in the second quarter

Nigerian economy grew by 6.28 per cent in
the second quarter
The Nigerian economy recorded a GDP
growth of 6.28 per cent in the second
quarter of this year, driven by non-oil
sector growth, while inflation fell for the
second straight month in August as a
result of tight monetary policy.
revealed by a report released by the National
Bureau of Statistics (NBS) over the weekend.
According to the report, the growth was lower
than 7.61 per cent recorded in the same period
of 2011.
The oil sector contributed 13.86 per cent to real
GDP, while the non-oil sector added 7.50 per
cent in real terms.
“The non-oil sector was driven by growth in
activities recorded in the building and
construction sector, while oil sector output
decreased (compared with Q2 2011),” the NBS
said in a report on Sunday.
The nation’s economy is expected to expand at
a slower rate this year, after rising 7.4 percent in
2011, due to disruptions to oil production and
economic weakness in developed countries that
buy its gasoline-rich crude.
Consumer inflation eased to 11.7 percent year-
on-year in August, down from 12.8 percent in
July, largely due to a fall in food inflation which
dropped to 9.9 percent in August from 12.1
percent the previous month, NBS said.
Average crude oil output rose marginally to 2.38
million barrels per day (bpd) in the second
quarter, from 2.35 million bpd in the first
quarter. This was down from 2.45 million bpd in
the second quarter last year.
Oil accounts for more than 80 percent of
Nigerian government revenue and around 95
percent of its foreign exchange earnings.
Taming inflation
According to the NBS, high interest rates and
lower food prices had helped temper inflation.
“The relative moderation in the index is
attributable to the relative slower rises in both
the Food and ‘core’ indices partly as a result of
aggressive monetary policy initiatives by the
Central Bank of Nigeria (CBN) base effects and a
much lower rise in several food prices,” the
bureau said.
As the CBN monetary policy committee meets
today, the inflation numbers will feed some
private sector demand for a loosening of
monetary policy, and most analysts are
expecting rates to remain at 12 percent, as they
have been since November last year.
The rate decision will be announced on Tuesday.


  1. Thank you for the auspicious writeup. It in fact was a amusement account
    it. Look advanced to more added agreeable from you! By the way,
    how could we communicate?
    Here is my web blog :: Oba Alanya

  2. I all the time emailed this blog post page to all my associates, for the reason that if like to read it then my friends will too.
    My webpage ... Asunto Antalyassa

  3. Fine way of telling, and good piece of writing to get data about my presentation focus, which i am going to
    convey in college.
    My blog ; osta asunto Bodrumista

  4. Hi, yes this post is in fact nice and I have learned lot of things from it on the topic of blogging.
    My web site > Apartments In Bodrum

  5. This is my first time pay a visit at here and i am in fact pleassant to read all at alone place.
    My webpage :: Wohnungen Antalya

  6. My programmer is trying to persuade me to move to .net from PHP.
    I have always disliked the idea because of the expenses.

    But he's tryiong none the less. I've been using WordPress on a variety of websites
    for about a year and am worried about switching
    to another platform. I have heard good things about blogengine.
    net. Is there a way I can transfer all my wordpress content into it?
    Any kind of help would be greatly appreciated!
    My web site : immobilien alanya

  7. What's up friends, its great piece of writing about cultureand entirely explained, keep it up all the time.
    Take a look at my website - Eiendom Til Salgs I Antalya

  8. I do not even understand how I finished up here, however I believed this publish was once good.
    I don't realize who you're but definitely you are going to a well-known blogger in case you aren't already. Cheers!
    Feel free to surf my blog post fastigheter i Bodrum

  9. I tend not to leave a bunch of remarks, but i did a few searching and wound up here
    "Nigerian economy grew by 6.28 per cent in the second quarter".
    And I actually do have a couple of questions
    for you if you don't mind. Is it just me or does it appear like some of these remarks look as if they are left by brain dead individuals? :-P And, if you are writing on other online social sites, I'd like to follow everything new you have to post.
    Would you make a list of every one of all your shared
    sites like your linkedin profile, Facebook page or twitter feed?
    Take a look at my web blog weightloss centers

  10. What's up to every one, the contents present at this web site are actually remarkable for people knowledge, well, keep up the nice work fellows.
    My web blog - Rapid Weight loss

  11. I believe everything said was very logical. But, what about
    this? what if you were to create a killer headline?
    I ain't saying your content is not solid, however what if you added a post title to maybe get folk's attention?
    I mean "Nigerian economy grew by 6.28 per cent in the second quarter"
    is a little boring. You should peek at Yahoo's home page and watch how they create news headlines to grab people to open the links. You might add a video or a related picture or two to grab readers excited about what you've written.

    In my opinion, it would bring your posts a little bit more interesting.
    Review my web site - how to get rid of man boobs

  12. I don't even know how I ended up here, but I thought this post was great. I don't know who you are but definitely you're going to a famous blogger if you aren't
    already ;) Cheers!
    Also see my site - how to get rid of back acne

  13. What's Going down i'm new to this, I stumbled upon this I've discovered It absolutely helpful and it has helped me out loads. I am hoping to contribute & assist other customers like its aided me. Good job.
    Also visit my page ; used to

  14. Hmm is anyone else having problems with
    the images on this blog loading? I'm trying to determine if its a problem on my end or if it's the
    blog. Any feedback would be greatly appreciated.
    Look into my weblog ...

  15. Hi, i read your blog from time to time and i own a similar one and i was
    just wondering if you get a lot of spam responses?
    If so how do you stop it, any plugin or anything you can suggest?
    I get so much lately it's driving me crazy so any help is very much appreciated.

    Stop by my weblog; bmi calculator for adults


Powered by Blogger.