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.
Statistician General of the Federation/CEO Nigerian National Bureau of Statistics, Yemi Kale explained that the Gross Domestic Product (GDP) shrank.
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.
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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.
Q2 2019 GDP published @ https://t.co/xFpYEoFCPB. Q2 2019 GDP grows by 1.94% compared to 2.10%(revised from 2.01%) in Q1 2019 & 1.50% in Q2 2018. Oil GDP grows by 5.15%(-1.46% in Q1 2019; -3.95% in Q2 2018). Non oil GDP grows by 1.64% in Q2 2019(2.47% in Q1 2019; 2.05% in Q2 2018) pic.twitter.com/aAxQZ8jPrm
— Dr Yemi Kale (@sgyemikale) September 3, 2019
