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.

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

Growth rates in Nigeria have been bouncing back this year, though from a low base, after the oil sector shrug 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. Nigeria recorded the highest quarterly growth in September since the last quarter of 2018 as the oil sector rose 6.49%. The non-oil sector rose 1.85% during the period. Reuters

Pix: Nigeria’s Finance Minister, Zainab Ahmed