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HomeNewsNigeria's economy grew 6.28% in Q2 of 2012 - NBS

Nigeria’s economy grew 6.28% in Q2 of 2012 – NBS

The Nigerian economy grew by 6.28% in the second quarter of 2012, slightly up from the 6.17% growth recorded in the first quarter of the year, according to the National Bureau of Statistics (NBS).

NBS said in a statement Sunday that the growth was driven by increase in the non-oil sector.

“In August 2012, the composite Consumer Price Index rose to 11.7 per cent year-on-year (compared to 12.8 per cent in July) as food inflation plunged 9.9 per cent in August from 12.1 per cent the previous month,” the Bureau said.

”The relative moderation in the index is attributable to the relative slower rises in both the Food and ‘Core’ indices, partly as a result of aggressive monetary policy initiatives,” it said.

NBS said the non-oil sector was driven by growth in activities recorded in the building and construction sector, while oil sector output decreased.

”Compared with Q2 (second quarter of) 2011, the reports indicates that average daily crude oil output from the country rose marginally to 2.38 million barrels per day (bpd) in the second quarter from 2.35 million bpd in the first quarter,” the statement said.

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