Nigerians can be pardoned for doubting talk about the GDP growth. They don’t see the 7 percent GDP on the streets. That is because, as FBN Capital notes in its 2014 economic outlook, “strong non-oil sector growth depends heavily on the informal, unbanked economy, and so would not always be visible”. The economy has performed robustly since 2002. This growth has come from reforms between 2003 and 2007 in the non-oil sector and favourable weather conditions for agriculture (Nigeria’s agricultural output is mainly rain-fed). The informal nature of the economy and shallow level of financial intermediation is reflected in the solid minerals sector, one of the five sectors that grew by double digits in the third quarter of 2013. The sector also got the largest chunk of credit from banks (21 percent) as at March 2013. Building and construction, and real estate also grew by double digits. Globally, between 2002 and 2012, Nigeria was the 13th fastest growing economy; the 5th fa
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