Nigeria Growth Rate Slows to 2.25% as Oil Production Slumps - BLOOMBERG
BY Bloomberg News,
(Bloomberg) -- Nigeria’s economy grew 2.25% year-on-year in the third quarter amid a drop in the West African country’s oil production.
Gross domestic product growth slowed from 3.54% in the second quarter, according to data released by the National Bureau of Statistics on its website on Thursday.
“The reduction in growth is attributable to the base effects of the recession and the challenging economic conditions that have impeded productive activities,” the report said.
The non-oil economy expanded 4.27% in the quarter from a year earlier, largely driven by telecommunications, trade and transportation. But the oil sector slumped, contracting 22.7%, as production fell to 1.2 million barrels a day on average. That compared to 1.43 million barrels in the second quarter.
Africa’s second-largest crude producer has been trying to ramp up production to reach its full OPEC+ quota but has been beset by ongoing supply disruptions, including oil theft.