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Nigeria’s GDP rises to N22.91 trillion, non-oil sector accounts for 81.9%
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Gross Domestic Product (GDP) valued at current prices rose 23.39 percent from N18.57 trillion in 2006 to N22.91 trillion in 2007, National Bureau of Statistics (NBS) has said.
The implication is that, the value of total goods and services in output within the period increased by N4.34 trillion.
The agency estimates that real GDP growth rate was 7.64 percent for the year as against 5.63 percent recorded in the preceding year.
Non-oil share of GDP remained stable at 81.9 percent between the third and fourth quarter of 2007, while the Oil share of GDP growth rate recorded an increase of 0.1 percent as against a decline rate of 0.3 percent recorded in the preceding quarter.
The non-oil GDP growth was driven by growth in agriculture - 7.67 percent; solid minerals - 10.51 percent, manufacturing – 10.6 percent; and telecommunication - 32.85 percent.
The telecommunication sector maintained its leading position in the sectoral non-oil GDP growth rate at 32.85 percent in 2007 marginally up from 32.45 percent in 2006.
The FSDH research notes that available data from the NBS, National Population Commission (NPC) and the Central Bank of Nigeria (CBN) shows some interesting relationship between some sectors in the Nigerian economy.
The average contribution of agriculture to total GDP between 2003 and 2007 was 41 percent, manufacturing accounts for four percent while oil and gas accounted for 24 percent, while telecommunication accounted for 1.63 percent and other sectors accounted for 32 percent.
A cursory look at the data also reveals that the proportion of the working population that are engaged in agriculture on the average between 2001 and 2005 stood at 58.64 percent, while mining and quarrying accounted for only 0.15 percent between the period under consideration. In spite of the relative size of the agricultural sector in the Nigerian economy, the average sectoral share of private sector credits to the sector was 3.43 percent between 2003 and 2007.
Although a large proportion of the country’s workforce is engaged in agriculture, the country cannot boast of feeding itself. This is because the country is predominantly engaged in subsistence farming.
Government at all levels needs to collaborate with the relevant regulatory authorities and agencies to formulate workable policies that will increase funding to agriculture in Nigeria.
Also, government should develop policies that will promote the establishment of agro-allied industries in the country. These policies may include: tax waiver; tax holiday; concessionary interest rates and subsidies in order to boost export of intermediate products from agricultural sector.
The implication is that, the value of total goods and services in output within the period increased by N4.34 trillion.
The agency estimates that real GDP growth rate was 7.64 percent for the year as against 5.63 percent recorded in the preceding year.
Non-oil share of GDP remained stable at 81.9 percent between the third and fourth quarter of 2007, while the Oil share of GDP growth rate recorded an increase of 0.1 percent as against a decline rate of 0.3 percent recorded in the preceding quarter.
The non-oil GDP growth was driven by growth in agriculture - 7.67 percent; solid minerals - 10.51 percent, manufacturing – 10.6 percent; and telecommunication - 32.85 percent.
The telecommunication sector maintained its leading position in the sectoral non-oil GDP growth rate at 32.85 percent in 2007 marginally up from 32.45 percent in 2006.
The FSDH research notes that available data from the NBS, National Population Commission (NPC) and the Central Bank of Nigeria (CBN) shows some interesting relationship between some sectors in the Nigerian economy.
The average contribution of agriculture to total GDP between 2003 and 2007 was 41 percent, manufacturing accounts for four percent while oil and gas accounted for 24 percent, while telecommunication accounted for 1.63 percent and other sectors accounted for 32 percent.
A cursory look at the data also reveals that the proportion of the working population that are engaged in agriculture on the average between 2001 and 2005 stood at 58.64 percent, while mining and quarrying accounted for only 0.15 percent between the period under consideration. In spite of the relative size of the agricultural sector in the Nigerian economy, the average sectoral share of private sector credits to the sector was 3.43 percent between 2003 and 2007.
Although a large proportion of the country’s workforce is engaged in agriculture, the country cannot boast of feeding itself. This is because the country is predominantly engaged in subsistence farming.
Government at all levels needs to collaborate with the relevant regulatory authorities and agencies to formulate workable policies that will increase funding to agriculture in Nigeria.
Also, government should develop policies that will promote the establishment of agro-allied industries in the country. These policies may include: tax waiver; tax holiday; concessionary interest rates and subsidies in order to boost export of intermediate products from agricultural sector.
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