Reuters: Nigeria economy picks up on non-oil sector growth


(Reuters) – Nigeria’s economy grew at a faster rate in the second quarter this year than the previous three months because of a stronger performance in the non-oil sector, particularly pharmaceuticals, data showed on Sunday.

Gross domestic product (GDP) in Africa’s second-largest economy rose to 6.54 percent in the second quarter 2014, compared with 6.21 percent in the first quarter and 5.40 percent in the same period of last year, the national bureau of statistics (NBS) said in a report.

Africa’s largest oil exporter pumped an average of 2.21 million barrels per day in the three months to June, up from 2.11 million barrels per day a year earlier, due to an increase in production.

“The fastest growth continues to be recorded in the manufacturing sector,” such as chemicals and pharmaceuticals, the NBS said, and added that the services sector contributed 53.15 percent to GDP in the second quarter.

The non-oil sector grew 6.71 percent in the second quarter, which was lower than the 8.88 percent recorded in the same period in 2013.

Nigeria rebased its GDP calculation in April, almost doubling its economy to $510 billion, making it the continent’s biggest economy. (Reporting by Chijioke Ohuocha; Editing bySonya Hepinstall)


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