Economic growth in Nigeria, Africa’s biggest crude producer, accelerated faster than expected in the second quarter, driven by growth in the non-oil sector, according to Bloomberg.
Specifically, Nigeria’s economy grew 3.5 percent year-on-year in the quarter, compared with 3.1 percent in the first quarter, according to a report by the National Bureau of Statistics on Friday. The average estimate in a Bloomberg survey of 10 economists was at 2.9%.
Growth in the quarter marked the seventh consecutive quarterly expansion and was driven by a 4.8% improvement in the non-oil sector, which makes up the bulk of the economy, compared with a 6.1% increase from a year earlier.
The oil sector shrank by 12%. Oil production fell to 1.43 million barrels per day in the second quarter, compared with 1.49 million barrels in the previous quarter.
Nigeria’s central bank has raised interest rates by 250 basis points to 14 percent since May in a bid to rein in inflation, which hit a nearly 17-year high of 19.6 percent in July. The monetary policy committee meets again on September 27.
Source: Capital
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