Nigeria’s economy grows 1.4 percent in Q3: data

The National Bureau of Statistics (NBS) said it was the second quarter of consecutive growth since the country emerged from recession.

“This growth is 3.74 percentage points higher than the rate recorded in the corresponding quarter of 2016 (-2.34 percent) and higher by 0.68 percentage points from the rate recorded in the preceding quarter (of 2017),” it said.

The agency said daily oil production rose in the third quarter, averaging 2.03 million barrels per day (bpd), compared to 1.87 million bpd in the preceding quarter.

“Real growth of the oil sector was 25.89 percent (year-on-year) in Q3 2017. This represents an increase of 48.92 percent relative to rate recorded in the corresponding quarter of 2016,” it said.

Oil-rich Nigeria depends on the sector for 70 percent of government revenues and 90 percent of export earnings.

Nigeria slipped into recession for the first time in more than two decades in August 2016 after a sustained fall in global oil prices and militant attacks in the Niger delta.

The government in Abuja has been trying to reduce the country’s reliance on oil but the NBS said non-oil sector only grew 0.76 percent in the quarter.

“This is lower by -0.79 percentage points compared to the rate recorded same quarter, 2016 and -1.20 percentage points lower than in the second quarter of 2017,” it said.

President Muhammadu Buhari early this month presented a record 8.6 trillion naira ($24 billion, 20.8 billion euros) budget aimed at supporting economic recovery in 2018.

The government is targeting growth of 3.5 percent next year, with an estimated oil output of 2.3 million barrels per day as against a projected 2.2 million bpd in 2017.