Nigeria’s economy grows by 2% in Q4 2017
Nigeria’s economy grew by 1.92% in the last quarter of 2017 compared with a 1.73% contraction in the same period of the previous year.
The economic recovery came as oil output rose to 1.91m million barrels per day (bpd) in the last three months of 2017, this was up from 1.76m bpd in the same period the previous year. The recession in 2016 was largely caused by low crude oil prices and militant attacks on energy facilities in the Niger Delta. Crude sales make up two-thirds of government revenue.
Annual GDP growth reached 0.83%, this was up from 1.58% contraction in 2016. Global oil prices recovered last year. Nigeria’s non–oil sector re-emerged from negative growth to reach 1.45% in the fourth quarter.