Nigerian gross domestic product (GDP) grew at 6.05 percent year-on-year in the third quarter versus 5.73 percent in the preceding quarter, the central bank said on Monday. The growth was driven by the non-oil sector, which grew by 9.47 percent from July to September compared to 9.2 percent in the second quarter and accounted for 82 percent of the economy, the bank said in a quarterly report. The oil sector contributed 18 percent of the GDP. As in the last two quarters total third quarter growth in sub-Saharan Africa's second biggest economy was below the government's 10 percent target for 2007.

Crude oil production was estimated at 2.18 million barrels per day (bpd) or 200.56 million barrels for the quarter, indicating an increase of 1.4 percent over the the level in the preceding quarter. The balance of payments stood at a surplus of 670.9 billion naira ($5.06 billion) at the end of the third quarter compared to 6.5 billion naira in the preceding quarter, the bank said. "The development was attributable to the improved position recorded in the current account, occasioned by the sustained increase in the international price of crude oil during the period," the bank said. It said the capital account however, recorded a deficit of 897.9 billion naira compared with 1.20 trillion naira deficit in the preceding quarter. Foreign reserves rose by 12.5 percent to $47.97 billion compared to $42.63 billion in the preceding quarter. "This level of reserves could finance 22.3 months of current import commitments, compared to 18.8 months in the preceding quarter," the bank said.