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Q3 Growth Analysis reveals Nigeria’s Economy Expanding Fast

By on November 20, 2012

 

The recent data analysis by the National Bureau of Statistics for the third quarter on the growth level of the second largest economy in Sub-Saharan Africa showed an amazing expansion compared to the second quarter analysis.

A growth rate of 6.5 % in three months through September, as against 6.4% in the second Quarter revealed a slight expansion but more room for improvement compared to the 7.4% growth  in 2011, which showed a 0.9% reduction.

This is a positive outlook compared to the gloomy picture and analysis for Europe, United States of America, India and Japan. With the malaise of the global economic crisis propelled by the various levels of debt burdens, Nigeria has a bright economic path, which must be sustained.

Its major earner the Oil sector witnessed positive growth for the first time this year while other sectors like the building and construction, cement, hospitality, and electricity sectors which are now driven majorly by Nigerian Businessmen and Entepreneurs also showed growth.

In terms of Oil production the African Giant surged in 2.5 million barrels per day in the third quarter compared with 2.4 million barrels per day last year according to the National Bureau of Statistics analysis.

Agriculture  was highlighted as the one sector that slowed  the rapidity of the Nigerian economic growth, aside this sector the real estate and telecommunications did not surge as forecasted for the country’s GDP.

Apart from this, the impact of the flood resulting from the overflowing of the two  biggest rivers in the country , Benue and Niger impeded the Agric sector causing a GDP decline of 3.9% growth in the third quarter which threatened food security in the Country

This once  again brings to the fore the need for more proactive steps by the Government in partnership with the private sector to effectively devise strategies  and dynamic policies that will accelerate the growth and development of Agriculture and the Information Technology sector.