Nigeria posts highest quarterly GDP growth since recession

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.

Your Friends Also Read:  Fed On Raw Cassava, Trekked Miles Without Water- Kankara Schoolboy Narrates Ordeal

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.

All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from News Central TV.



Leave a Reply

Previous Article

A region looking over its shoulders

Next Article

Masiyiwa to Bid for Ethiopian Telecoms License

Related Posts
Powered by Live Score & Live Score App