Nigeria's economic growth slows in Q1 as oil sector shrinks
Growth in Nigeria's fragile economy slowed to 2.01% in the first quarter as the country's dominant oil sector shrank, the National Bureau of Statistics said on Monday.
The annual pace dropped from the previous quarter's 2.38%, when activity was likely to have been boosted by State spending in the run-up to February and March elections in which President Muhammadu Buhari won a second term.
Nigeria's central bank has forecast growth of 3% for 2019.
The largely crude-dependent economy emerged from recession in 2017 and has been recovering in great part due to higher oil prices.
In the first quarter the non-oil sector grew 2.47% while the oil sector shrank 2.40%, according to the statistics office. Crude production rose slightly to 1.96-million barrels per day from 1.91-million in the previous quarter.
Growth in the first quarter of 2018 was 1.89%.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation