Nigeria’s economy grew in Q3 after oil output rose to three year high

Nigeria’s economic growth rose to an annual rate of 2.28% in the three months to the end of September after the production of its main export commodity, crude oil, rose to a more than three year high, the statistics office said on Friday.

The economy, Africa’s largest, expanded by 0.17% in the previous quarter and 0.47% in the same period a year earlier. The country has struggled to shake off the effects of a 2016 recession that ended the following year.

Growth rates in Nigeria have been bouncing back this year, though from a low base, after the oil sector, which accounts for around two-thirds of government revenue and 90% of foreign exchange, shrugged off its negative performance in the first quarter.

Crude production in the third quarter stood at 2.04 million barrels per day, its highest since the first quarter of 2016, the statistics office said.

 

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