The National Bureau of Statistics (NBS) has reiterated the need to pay greater attention to the Nigerian non-oil sector, saying that the sector will continue to be a major driver of the economy. The NBS stated this in a report on Nigeria’s economic outlook for 2011 titled: “2011 Gross Domestic Product Forecast for Nigeria,” posted on its website weekend.
According to the national statistics body, the Nigerian non-oil sector is projected to grow at 8.84 per cent in real terms in 2011 compared with 8.49 per cent recorded in 2010.
It averred that the growth expected sector this year would be largely driven by improved activities in the wholesale and retail trade, finance and insurance, telecommunications, and building and construction activities.
The report said: “The Non-oil sector is expected to continue to drive the Nigerian economy in 2011 while the improvements recorded in the oil sector in 2010 will be sustained. Activities in the oil sector, with their associated gas components, are projected to result in a growth rate, in real term of 3.40 percent in 2011 compared with the 4.56 percent recorded in 2010.
The Nigerian oil sector recovered from the recent unprecedented levels of disruptions due to militancy, vandalisation and facility shut downs. “Most of the onshore fields in the country that were shut-in due to insecurity of lives and properties were re-opened in 2010. The sector also would continue to benefit from the continued upsurge in world crude oil demand which has kept prices at high levels coupled with the relative stability in the exchange rate of naira against the dollar which is expected to continue in 2011.” It noted that on an aggregate basis, the economy when measured by the real Gross Domestic Product (GDP) is expected to grow by 7.98 percent this year, as against 7.85 percent recorded in year 2010.
“The two major output groups of the economy, that is, oil and non-oil sectors are expected to witness an increase in output in 2011. The non-oil sector would be driven by growth in the activities of the wholesale and retail trade, telecommunications, finance and insurance and building and construction sectors. The oil sector output is expected to remain stable as a result of the continued peace in the Niger Delta region following the Federal Government’s amnesty programme,” the report added.
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