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At 2.55%, fourth quarter growth in Nigeria is the strongest since the recession

25/02/2020
Source : Commodafrica
Categories: Index/Markets

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Nigeria's economic growth reached an annual rate of 2.55% in the three months to the end of December, its strongest quarterly growth since the 2016 recession, the statistics office said yesterday. The economy, Africa's largest, grew 0.27% from the previous quarter and 0.17% from the same period a year earlier. A growth that nevertheless marks the lack of diversification of the Nigerian economy. Indeed, the recovery was driven by the production of crude oil which reached a peak of more than three years at 2 million barrels per day, against 1.91 million in the fourth quarter of 2018. The non-oil sector grew at the rate by 2.26% in the fourth quarter of 2019, driven by telecommunications, agriculture, the financial and insurance sector and the manufacturing industry. However, the rate is lower than in the fourth quarter of 2018.

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