Nigeria’s GDP up 6.9% on telecom industry growth

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.