Nigeria’s economic growth rose to an annual rate of 2.55% in the three months to the end of December, its highest quarterly growth since a 2016 recession.
Africa’s largest economy grew 2.27% in 2019 from 1.91% the previous year. The country has struggled to shake off the effects of a 2016 recession that ended the following year and has been grappling with low growth since.
Crude production hovered at around 2 million barrels per day throughout the year.
The non-oil sector, which the government aims to make the main growth sector, rose 2.26% in Q4.
President Muhammadu Buhari has pledged to revive the economy and diversify it away from oil over-dependence but investors have been waiting for policy signals that could lift growth.
Recently, the IMF cut its 2020 growth forecast for the country to 2% from 2.5%, citing lower demand for oil due to fears that the coronavirus outbreak in China will cause a slowdown.
Annual inflation in Nigeria rose for the fifth straight month to 12.13% in January, its highest in nearly two years.