In a Gross Domestic Product Report, the National Bureau of Statistics (NBS), has said that the Nigerian economy expanded by 6.56 in the first quarter of 2013.
The Consumer Price Index report attributed the rise in inflation to “higher price levels of food products due to the effect of declining inventories, noting that the rate of inflation in the country rose to 9.1 percent in April from 8.6 percent in March.
The inflation rate fell below 10 per cent in January, meeting the Central Bank of Nigeria’s target, as the impact of last year’s higher fuel prices waned.
The CBN Governor, Mr. Lamido Sanusi, had said in March that consumer prices would probably remain between nine per cent and 11 per cent this year. The NBS also said in the for the first quarter of 2013 that the economy expanded by 6.56 in the period.
The report, which was signed by the Statistician-General for the Federation, Dr. Yemi Kale, stated that the nominal GDP for the first quarter of 2013 was estimated at N9.493tn as against the N9.142tn recorded during the corresponding quarter of 2012.
According to the report on aggregate basis, the figure represented an improvement over the 6.34 per cent recorded in the corresponding quarter of 2012.
“On an aggregate basis, the economy, when measured by the real terms GDP, grew by 6.56 per cent in the first quarter of 2013 as against 6.34 per cent in the corresponding quarter of 2012, and 6.99 per cent in the fourth quarter of 2012,” the report stated.