GLOBAL BUSINESS & ECONOMY Nigeria’s economic growth slows in Q1 as oil sector shrinks
Fawad MaqsoodMay 20, 2019
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.
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
Nigeria’s central bank has forecast growth of 3pc for 2019.
largely crude-dependent economy emerged from recession in 2017 and has
been recovering in great part due to higher oil prices.
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