Nigerian economy grows 7,64 per cent

LAGOS – Nigeria’s economy grew 7,64 per cent year-on-year in the fourth quarter of 2007 versus 6,1 per cent in the preceding quarter, driven by the non-oil sector, the central bank said yesterday.

The bank said in an economic report that the non-oil sector grew an estimated 10,99 per cent, compared with 9,47 per cent in the third quarter. Nigeria’s mainstay oil sector contributed 18 per cent of the GDP, the quarterly report said.As in the three previous quarters, total fourth quarter growth in sub-Saharan Africa’s second biggest economy was below the government’s target of 10 per cent for 2007.Crude oil production fell to an estimated 2,13 million barrels per day (mbpd) or 195,96 million barrels for the quarter from 2,18 mbpd or 200,56 million barrels in the third quarter, the report said.The world’s eighth largest oil producer recorded a 520,07 billion naira budget deficit compared to the proportionate budgeted deficit of 107,37 billion.Nampa-ReutersNigeria’s mainstay oil sector contributed 18 per cent of the GDP, the quarterly report said.As in the three previous quarters, total fourth quarter growth in sub-Saharan Africa’s second biggest economy was below the government’s target of 10 per cent for 2007.Crude oil production fell to an estimated 2,13 million barrels per day (mbpd) or 195,96 million barrels for the quarter from 2,18 mbpd or 200,56 million barrels in the third quarter, the report said.The world’s eighth largest oil producer recorded a 520,07 billion naira budget deficit compared to the proportionate budgeted deficit of 107,37 billion.Nampa-Reuters