Nigeria’s economy records sluggish growth in Q2 

Nigerian-economy

Illustrative picture. PHOTO CREDIT: SHIPS & PORTS archiveNigerian-economyNigerian-economy

 

Nigeria’s economic growth slowed to an annual rate of 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 with the previous year, according to the statistics office on Tuesday.

The economy has been held back by sluggish performance in the non-oil sector, despite government efforts to improve 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% and the oil sector expanded 5.15%, according to the statistics office.

Crude production dipped to 1.98 million barrels per day from 1.99 million in the previous quarter.

Also on Tuesday, South Africa reported stronger-than-expected 3.1% growth as mining and manufacturing recovered.