Africa 2 Trust

Africa 2 Trust

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Nigerian economy grows 1.4 pct in Q3 - Statistics Office
 
Nigerian economy grows
 
Nigerian economy grows
 

Nigeria’s economy grew 1.4 percent year-on-year in the third quarter, the statistics office said on Monday, extending its slow climb out of its first recession in a generation.

 

Africa’s largest economy returned to growth in the second quarter of 2017 but the recovery has been fragile due to the continuation of depressed oil revenues and a shortage of hard currency.

 

The National Bureau of Statistics said oil production, on which the OPEC member state’s economy largely relies, stood at 2.03 million barrels per day in the third quarter.

 

President Muhammadu Buhari’s 2017 budget outlines record levels of spending, especially on infrastructure, to try to kick-start growth, but the plan has faltered.

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Date Published : 11/20/2017 4:59:00 PM