June 18 (Bloomberg) -- Nigeria’s economy grew 7.2 percent in the first quarter of the year, up from 4.5 percent in the same period a year earlier, as oil production increased following the restoration of peace in the Niger Delta.

Growth in the oil and natural gas industry was 3.2 percent in the three months compared with a decline of 8.1 percent a year ago, the National Bureau of Statistics said in a statement e-mailed from the capital, Abuja, today.

A drop in rebel activities in the oil-rich delta since October helped to increase production by 9.6 percent during the quarter to 202.4 million barrels.

“The oil sector story is particularly emphatic, showing a complete reversal” from the previous year, Pabina Yinkere, a Lagos-based analyst with Access Bank Plc, said in a telephone interview.

Oil and gas account for 16 percent of gross domestic product in Nigeria, Africa’s most populous country and the fifth-biggest source of U.S. oil imports. Companies including Royal Dutch Shell Plc, Exxon Mobil Corp. and Eni SpA, operate joint ventures with the state-owned Nigerian National Petroleum Corp.

Militants who say they are battling for more of the region’s resources called for an indefinite cease-fire in October as fighters accepted an amnesty offer by then-President Umaru Yar’Adua.

Non-oil industries grew 8.2 percent from 7.9 percent a year earlier, according to the statistics bureau. Agriculture, which accounted for 42 percent of GDP last year, grew by 5.5 percent.

^
Yert people in your village are getting poorer? Rejoice! Funny people, an article that says oil accounts for only 16%, instead of the 90+% we all know cannot be trusted. It is simply quack journalism from those who can't even spot Nigeria on a labelled map.

paddy_lo:


You are the retard here. . I thought u have been banned from commenting on Economic issues. .stick to politics

Oil accounts for 16% of Nigerias GDP ok?

Oil also accounts for 90% of exports ok?

Nigerias GDP is about $210 billion(Nominal)

oil exports are about $30 billion a yr (2009 figures)

get it?. . . GDP and exports are 2 different things. . . Financial illiterate

seanet02:

@poster. You are talking rubbish, are you a pdp man? Answer that before i say anything again

Ikengawo:

this thread is proof positive nigerians aren't smart, at all.

you spend 2-5 years on and internet forum complaining there's no development in nigeria
i guy posts statistics of your economy growing at 7.23% which is well above global average and one of the highest in the world due to the recession
the result? you attack him at start talking about roads.
mind you your not in nigeria to see what the roads look like, you're just mad that in 1984 when you left the roads weren't good.
to a nigerian they'll always be stuck on that 1984 image and will never let it go, anything that counters it will be met with insults as if you're insulting them. this is proof that they're silly.

even good news is bad to them. maybe god is punishing you people because you can't appreciate it when he gifts you.

paddy_lo:

Final time i am posting this Chart so u can get it into your thick skull. . olodo rabata
Its not everything u have to comment on. . stick to Politics,romance and Tribalism section 

You can post any chart you like. It doesn't prevent anyone concluding the obvious, which is that you are a bit simple (a kind way of saying stup!d).
I will give you an example, so you can realise it yourself. Here goes;

When others post supporting charts, pictures or text; they provide a link so that interested parties can verify. But you go to your kitchen table and knock up some ugly image to post here, thinking everyone will be bowled over, because, wow! He posted an image! Fool!

Show me the CBN figures.

paddy_lo:

@Xterra2
Nigerians frustration is the power issue.  .If Govt(with help from private sector) can fix that then am sure most Nigerians will complain less
However that is no excuse for the constant negativity i see  here

To be frank with u the first time i got to london even USA i didnt see what the big deal was.  .
not to talk of places like mexico(which i have visited). . .we are all developing countries

Its not like u are coming from sudan or Niger. .

I mean Nigeria had a stock market in the early 1970s(most african countries dont have one today)

Power is a huge deal but the frustration goes waaaaayyyy beyond that, so let us not try and simplify issues.

paddy_lo:

am sure there are other issues,but u guys should quit talking like other countries are heaven cause its not
and anyone telling u that is str8 up lying to u

emigrate and see the stress ppl face here.  .am not talking AFRICANS in the west
am talking regular citizens.  .

For example in MEXICO over 22,000 ppl have been killed since only 2006 in just the U.S border region of the country
cause of drug wars,corruption,police brutuality and so on. .

U wont find a mexican who isnt stressed about the situation. .

dont think your situation is the worst cause there are lots of ppl on this earth that got it worse than u. . .true story

No need to state the obvious, I would rather set Nigeria loftier goals than being better than Niger republic instead of the 'one eyed man in the land of the blind' situation you are suggesting. You might say look at Niger and Somalia, I say look at Brazil, look at Singapore, look at China. If Nigeria would rather compare itself with countries in the calibre you mention then it should stop boring the whole world with the claims of being "Giant of Africa" already, we are getting extremely bored of it; na we get mouth pass. The quality of life in Nigeria needs to improve and excuses would not do anymore.

paddy_lo:


why dont u emigrate to brazil,singapore and china. . . .see how things are for u there as a black person. . .

These countries u mention,have had over 20yrs of growing rapidly. . .

Nigerias economy collapsed btw 1980 - 2000. . a span of 20yrs
and only returned to growth in 2001 Pls see link. . . .
http://www.google.com/publicdata?ds=wb-wdi&ctype=l&strail=false&nselm=h&met_y=ny_gdp_mktp_cd&scale_y=lin&ind_y=false&rdim=country&idim=country:NGA&tstart=-315619200000&tunit=Y&tlen=48&hl=en&dl=en

The point is your economy is growing at 7% plus. . .It takes growth at this level for a long period of time
to get an improved standard of living. . .

and if u must compare with Brazil,china or singapore. . then at least start from 2001
cause the military leaders u had for over 20yrs(1980 - 2000),were brainless idiots

sorry but thats were we stand. . i look forward,and its going to get better from here

And what makes you think I am not looking forward?? Looking forward does not mean I have to whitewash issues to make myself feel better. I did not lambast the 7.23% growth, was simply stating the obvious that real conditions on the ground and economic growth could be better if government actually took things seriously. With the huge market Nigeria has, the oil, etc, it seems to me government does not really have to do that much to get such growth rates because people know Nigeria is a huge market and good place to invest (even if very high risk). Nigerians simply need to demand better because the potential is still hugely unfulfilled and at the end of the day 7.23% growth though laudable does not translate to security, power, electoral reform, clean water, housing, improved infrastructure, etc. So with that in mind what does 7.23% mean to the average guy on the street? The silver lining seems to be a very few state governors like Fashola and Amaechi who seem to be doing their job. Apart from that, on the federal level, things are still bleak and disappointing.

Looking forward does not mean I have to whitewash issues to make myself feel better. I did not lambast the 7.23% growth, [b]was simply stating the obvious that real conditions on the ground and economic growth could be better if government actually took things seriously

Interesting discourse between paddylo and Beaf. . . . Ill go with Paddylo on this one. . . . oil should be less than 20% of Nigerias GDP. . . . however, if we take away oil from the economy, all other components of GDP would have collapsed. . . Govt spending, private consumption etc. . .

paddy_lo:

Thats the problem. . Nigeria is too big to be micro-managed and administered from a central Federal location

No nation on earth does that

The things u mention,Security,Power,Water,Housing,Infrastructure are not supposed to be provided by the federal Govt
The federal Govt does not provide them in the countries u mention,namely Brazil,singapore and so on. .

So the next step is to give more powers to the states
In areas of Power generation and distribution
and in other areas like security,Infrastructure,water and so on states like Lagos are doing well

Also the private sector has to play a more active role
and before Nigerians start demanding they should also be willing to pay taxes as at when due

cause thats how its done in those places u mention

but yea we could be growing at 10+ plus,structural impediments like poor electricity probably takes 3-4% out of growth[/b]

marvix:

Paddy_lo you are just too much, you are a completely educated literate who is informed and understands the dynamics of the modern world unlike beaf and co who are partialy educated illiterates who think they know but they actually dont know.