THE National Bureau of Statistics (NBS) has released a gloomy first quarter report, positing that the economy did not fare well in the first quarter.

According to a report from the organisation, Nigeria’s economic activities, as measured by the gross domestic product (GDP), declined in the first quarter of 2012, due largely to the partial removal of subsidy on petrol, the subsequent civil protest and weaker consumer demand which followed the higher price levels across major segments of the economy.

The bureau also posited that higher costs of production and prevailing security concerns also contributed to the decline in the growth rate of real GDP during the period.

According to the report, the nominal GDP for the first quarter of 2012 was estimated at N 9,142,858.51, as against the N8,311,227.61 recorded in the corresponding quarter of 2011.

Regarding the oil sector, the bureau said the estimated crude oil and condensates production decreased in the first quarter of 2012, compared with the level produced within the corresponding quarter of 2011.

The NBS said the decrease in crude oil production with their associated gas components resulted in a decline in real terms of -2.32 per cent in oil GDP growth in the first quarter of 2012, compared with the 0.05 per cent growth recorded in the corresponding period of 2011.

The failure of the oil sector notwithstanding, the NBS said the non-oil sector continued to be a major driver of the economy in the first quarter of 2012, despite its decline when compared with the corresponding quarter in 2011.

Overall, the Nigerian economy, when measured by the Real GDP on an aggregate basis, grew by 6.17 per cent in the first quarter of 2012, as against 7.13 per cent in the corresponding quarter of 2011.

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