The Nigerian economy grew by 6.9% last year following the expansion of the telecommunications industry in the country, this according to the Nigerian Bureau of Statistics.
This is 6% over the previous year’s results, said the agency in a statement. According to the statistics, non-oil industries expanded 8.6%, while oil and gas contracted 1.2%.
Crude oil production, accounting for 80% of national revenue, dropped due to various attacks by militans, cutting Nigeria’s output by more than 28% between 2006 and 2009.
Acording to Central Bank of Nigeria Governor, Lamido Sanusi, Nigeria’s economy will become the largest on the African continent next year, overtaking South Africa.
As a result, the country’s GDP will reach an estimated $308 billion next year, compared to South Africa’s $262 billion.
It’s always refreshing to read about such overwhelming news from all over Africa especially Nigeria with its faced paced environment, economy, and what I want to know is which sector specifically is currently growing at an alarming rate due to the usage of such facilities; have banking customers shifted more towards such services, on-line shopping within the country, tertiary Education etc… When related sectors or competitors realise the positive effects, an increase in usage and new services can only boost GDP even further creating more opportunities for growth.