Nigeria’s Economy Grows Slowly as the Oil and Industry Sectors Decline.

0 110

Nigeria’s economic growth dropped in the fourth quarter to 3.52% from 3.98% a year earlier (NGGDPQ=ECI), the statistics office reported, as extensive floods ruined farmland, oil production fell, and industry was pressured by rising prices.

The biggest economy in Africa has struggled to recover from the COVID-19 outbreak because to double-digit inflation and a depreciating naira. Nigeria will hold elections, which President Muhammadu Buhari is prohibited by the constitution from participating in, weak development is anticipated to be a major role in these polls.

According to the National Bureau of Statistics (NBS), full-year growth in 2022 was 3.1%, which was in accordance with the prediction made by the World Bank. It has now experienced growth for nine straight quarters since 2020, when the recession ended.

Nigeria, the largest oil producer in Africa, had an average daily oil production (NGOIL=ECI) of 1.34 million barrels per day (mbpd) in the fourth quarter, lower than the daily average of 1.50 mbpd registered in the same quarter of 2021, the NBS said.


Leave A Reply