Work, Earn, Invest With Us





DP

GLOBAL BUSINESS/ECONOMY Nigeria’s economic growth slows in Q1 as oil sector shrinks

By isay • 2 years ago • 328 • 25
GLOBAL BUSINESS/ECONOMY Nigeria’s economic growth slows in Q1 as oil sector shrinks

GLOBAL BUSINESS & ECONOMY Nigeria’s economic growth slows in Q1 as oil sector shrinks

Fawad MaqsoodMay 20, 2019

ABUJA: Growth in Nigeria’s fragile economy slowed to 2.01pc in the first quarter as the country’s dominant oil sector shrank, the National Bureau of Statistics said on Monday.

The annual pace dropped from the previous quarter’s 2.38pc, when activity was likely to have been boosted by state spending in the run-up to February and March elections in which President Muhammadu Buhari won a second term.

Nigeria’s central bank has forecast growth of 3pc for 2019.

The largely crude-dependent economy emerged from recession in 2017 and has been recovering in great part due to higher oil prices.

In the first quarter the non-oil sector grew 2.47pc while the oil sector shrank 2.40pc, according to the statistics office. Crude production rose slightly to 1.96 million barrels per day from 1.91 million in the previous quarter.



Related Post viewed by other
25 Replies | Last update 11 months ago | Last comment

Requires Login



Information Bar
🔥🔥HOT🔥🔥 LPVFORUM Income Members Payout Processed - Today's Payout List - Over 4Million Paid