Non-oil sector drives Nigeria’s GDP growth in Q4 – CBN

By William Jimoh

The Central Bank of Nigeria(CBN) has attributed the growth in Nigeria’s Gross Domestic Product(GDP) from 6.9 per cent in third quarter 2012 to 7.1 per cent fourth-quarter of the year to the increase in the contribution of the non-oil sectors, particularly the industrial sector, as shown by the available data from the National Bureau of Statistics (NBS).

According to the bank in a report tagged “Economic Report Fourth-Quarter 2012” non-oil receipts, at N589.98 billion (24.4 per cent of the total), was below the budget estimate and receipts in the preceding quarter by 22.8 and 30.3 per cent, respectively.

The report added that decline in non-oil revenue relative to the preceding quarter’s level, reflected largely the fall in corporate tax, Federal Government independent revenue, as well as customs and excise duties during the review period.

Provisional data on Non-oil export earnings by Nigerian exporters, at US$987.10 million, rose by 72.9 and 65.6 per cent above the levels in the preceding quarter and the corresponding quarter of 2011,respectively.

On the other hand, Nigeria’s crude oil production, including condensates and natural gas liquids, was estimated at 2.00 million barrels per day (mbd) or 184.00 million barrels for the quarter. Crude oil export stood at 1.55 mbd142.60 million barrels for the quarter, while deliveries to the refineries for domestic consumption remained at 0.45 mbd or 41.40 million barrels.

The increase in oil receipts relative to the budget estimate was also attributed, largely, to the rise in the receipts from petroleum profit tax, royalties and domestic crude oil and gas sales during the period just as average price of Nigeria’s reference crude, the Bonny Light (370 API), which was estimated at US$112.73 per barrel, rose by 1.5 per cent over the level in the preceding quarter.