Nigerian Economy Grows By 1.4% In Q3
Things are looking up, few months after Nigeria’s economy officially exited from recession.
The economy grew by 1.4% year-on-year in the third quarter, the National Bureau Of Statistics, NBS said on Monday.
Nigeria, Africa’s largest economy returned to growth in the second quarter of 2017, but the recovery has been fragile due to the continuation of depressed oil revenues and a shortage of dollars.
The NBS said oil production, on which Nigeria’s economy largely relies, stood at 2.03 million barrels per day in the third quarter.
President Muhammadu Buhari’s 2017 budget outlines record levels of spending, especially on infrastructure, to try to kick-start growth, but the plan has faltered.
The budget was delayed as lawmakers withheld approval, and even when passed, planned capital spending has been slow to happen.
Despite these problems, Buhari’s government is proposing a record spending of 8.6 trillion naira ($27.30 billion) for 2018, although economists have questioned whether that goal is realistic.
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