Economy
Nigeria’s Economy Expands by 0.83% in 2017
- Nigeria’s Economy Expands by 0.83% in 2017
The rebound in global crude oil prices further aid Nigerian economy in the final quarter of 2017.
The economy grew by 1.92 percent in the fourth quarter of 2017, up from 1.4 percent recorded in the third quarter, the National Bureau of Statistics reported on Tuesday.
According to the agency, the economy grew by 0.83 percent in 2017, better than the 1.56 contraction recorded in 2016 when the nation plunged into its first recession in 25 years.
Oil production stood at 1.91 million barrels per day during the quarter, representing a 0.12 million barrels lower than what was obtained in the third quarter of the year.
The non-oil sector expanded by 1.45 percent on a quarterly basis, and 0.47 percent year-on-year. In real terms, the sector contributed 92.83 percent to total economic growth in 2017, lower than the 93.25 percent recorded in 2016.
The report also noted that the overall GDP growth in the quarter was driven by rising crude oil prices, crop, metal ores, trade, construction, transportation and storage, electricity and gas production.