UPDATE 1-Nigeria’s economic growth slows for second quarter

(Adds details)

ABUJA, Sept 3 (Reuters) – Year-on-year growth in Nigeria’s economy slowed to 1.94% in the three months to the end of June, the second quarter in a row of decline as the country struggles to shake off the effects of a recession it escaped two years ago.

Nigeria’s economy grew by 2.10% in the first quarter compared to the previous year, according to the statistics office on Tuesday.

Africa’s biggest economy has been held back by sluggish performance in the non-oil sector despite government efforts to boost those industries and wean Nigeria off the crude oil on which it depends. The central bank has forecast growth of 3% for 2019.

In the second quarter the non-oil sector grew 1.64% while the oil sector increased 5.15%, according to the statistics office.

Crude production dipped slightly to 1.98 million barrels per day from 1.99 million in the previous quarter. (Reporting by Paul Carsten Editing by Peter Graff)

Comments

Leave a Reply

Skip to toolbar