Nigeria's economy grew 7.5 percent in the first quarter of this year compared to 2.7 percent in the same period of last year, driven by the non-oil sector, the central bank said on Friday. The regulator said in its latest economic report the non-oil sector grew by an estimated 9.2 percent during the period.
Nigeria's oil sector contributed 24.4 percent to Gross Domestic Product (GDP), while the non-oil sector dominated with 75.6 percent, the report said. Africa's top oil producer has projected 10 percent GDP growth for 2007, but analysts say disruptions to oil output by armed groups in the Niger Delta, could negatively impact the target.
The report estimated Nigeria's oil production, including condensates and natural gas liquids, at 2.15 million barrels per day or 193.5 million barrels for the quarter, indicating an 8.1 percent drop on the level in the last quarter of 2006.
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