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By David Stephen.
Credit: rhinoseo.com
Nigeria is an emerging economy and has been dubbed as one of the fastest growing worldwide. This, by our Gross Domestic Product – GDP – quarterly rates us high on the global list. According to the Nigerian Bureau of Statistics, Nigeria’s GDP in the second quarter of 2012 grew by 6.28%. Non-oil sector contributed 7.5% while the oil sector contributed 13.86%. Manufacturing sector contributed 7.45% while telecommunication sector contributed 29.77%, average crude oil output in this period rose to 2.38 million barrels per day, from 2.35 million bpd in the Q1 of this year. Our GDP figure for Q2 was 9.84 trillion naira ($62.4billion). Inflation was also reported to drop to 11.7% in August, from 12.8% in July. The ease in inflation was reported to have comes from high interest rates and lower food prices. This result will hopefully be a continual growth on the economy in general.    
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This article was first published on 20th September 2012

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