Economic growth in Nigeria declined marginally in 2011 compared to 2010, data from the National Bureau of Statistics (NBS) have shown.
Data from the NBS yesterday indicate that the economy, measured by the Real Gross Domestic Product (GDP), grew by 7.36 per cent in the whole of 2011 compared to 7.98 per cent in 2010.
However, the gross domestic product grew by 7.68 per cent in the fourth quarter of last year, slower than the 8.60 per cent in the corresponding quarter of 2010, marking a 0.92 per? cent decrease.
The decrease in Real GDP growth observed in the fourth quarter of 2011 was as a result of production shut-down in the oil sector during the period, the NBS said.
“The oil sector witnessed unprecedented levels of disruption compared to recent times due to temporary shutdown of facilities such as at Bonga, a 200,000 barrel per day (bpd) facility, which supplies close to 10 per? cent of Nigeria's total crude output.
“Sabotage leaks also resulted in the Shell Development Company of Nigeria declaring a force majeure on its Forcados export programme for the fourth quarter of 2011 due to a sabotage leak on Trans Forcados Pipeline.”
On a nominal basis, the GDP for the fourth quarter of 2011 was estimated at N10,048,574.17 million as against the N9,459,399.32 million during the corresponding quarter of 2010, thus indicating an increase.
Nigeria's oil production fell to an average of 2.4 million bpd in the fourth quarter 2011, compared with 2.6 million bpd in the same period the previous year.
According to the report, the non-oil sector remained the major driver of the Nigerian economy in the fourth quarter of 2011, compared with the corresponding quarter in 2010, the sector recorded 9.07 per cent growth in real terms, while the oil sector contributed about 14.64 per cent to real GDP in the fourth quarter 2010, the contribution in fourth quarter of 2011 was however 13.54 per cent.
The growth in the non-oil sector was largely driven by improved activities in the telecommunications, building and construction, hotel and restaurant, business services and other sectors.
Analysts, however, anticipate that the country’s GDP may attain double-digit growth this year should the federal and state governments efficiently implement their reforms.
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