NIGERIA’S GDP GROWTH RATE SLOWING DOWN AT 6.28% FOR Q2 2012

The National Bureau of Statistics just released its Q2 GDP report for 2012 showing a growth rate of 6.28% with the nominal GDP rising to N9,840,226.91. The report also indicates Oil Production was at 2.3mbpd as against 2.45mbpd same period last year. The Non Oil sector remained the most contributor of growth to the GDP at 7.5% for the second quarter of 2012. Whilst this is expected, the fact that the gap is widening means bodes well for an economy that is seeking to move away from dependence of oil.