Oil isn’t everything

8 February 2013 By Martin Hutchinson

The state oil company is fighting the government, and production has stagnated. But at long last Nigeria’s non-oil economy, led by telecoms and construction and perhaps worth $200 bln, is growing fast enough to compensate, and then some. It’s a frontier market worth a close look.

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NNPC, Nigeria’s state oil company, on Feb. 4 rejected a claim by the Nigerian Extractive Industries Transparency Initiative, a government agency, that it owed the government an additional 1.3 trillion naira ($8.27 billion) from crude oil sales between 2009 and 2011.
Nigeria’s economy grew at a 6.3 percent annualized rate in the first three quarters of 2012. Non-oil GDP growth averaged 8.5 percent in the eight quarters to September 2012, according to brokerage FBN Capital.
Nigeria’s 2011 GDP was $244 billion, according to the World Bank, of which oil and gas production and refining represented 41.5 percent. Nigeria’s economic statistics are expected to be rebased to 2008 prices from 1990 this year, which is expected to increase the dollar size of reported GDP by 25-50 percent.

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