The National Bureau of Statistics has announced that the Real Gross Domestic Product (GDP), of the economy grew by 5.94 percent (year-onyear) on an aggregate basis in the Fourth quarter of 2014. This was lower by 0.83 percentage points from rates recorded in the Fourth quarter of 2013, and lower by 0.28 percentage points from the Third Quarter of 2014 (as shown in Figure 1). From the Third Quarter of 2014, the economy grew by 3.84 percent in Quarter Four. The nominal GDP at basic prices for the Fourth Quarter of 2014 was estimated at N24,205,863.34 million, up 13.10 percent from N21,401,519.78 million estimated for the corresponding quarter of 2013 and 5.55 percent from N22,933,144.01 million recorded in the Third quarter of 2014.
The oil sector experienced production and price challenges in the quarter of review. Despite this, average daily production of crude oil was recorded at 2.18 million barrels per day (mbpd), an increase from 2.16 mbpd recorded in the Fourth Quarter of 2013 and from the 2.15 mbpd recorded in Third Quarter of the year 2014 . The oil sector also grew by 1.18 percent in the fourth Quarter of 2014, 10.54 percentage points higher than the decline of 9.36 percent recorded in the fourth Quarter of 2013. Yet, the Oil sector contributed approximately 8.97 percent to real GDP in Quarter Four of 2014, lower by 1.48 percentage points from the 10.45 percent contribution Quarter Three of 2014, and by 0.42 percentage points from the 9.39 percent recorded during the Fourth Quarter of 2013.
Non – Oil Sector
Non-oil sector growth was driven by growth in activities recorded in the Crop Production, Trade, Textile, Apparel and Footwear, and Real Estate sectors. In the Fourth quarter of 2014, the non-oil sector recorded 6.44 percent growth in real terms, lower when compared to the 8.78 percent recorded in the corresponding period in 2013, and the 7.51 percent recorded in the Third quarter of 2014, as indicated in Figure 3.