Workers arrange bags containing cocoa beans at a cocoa processing factory in Ile-Oluji village in Ondo state, southwest Nigeria March 30, 2016. Picture taken March 30, 2016. REUTERS/Akintunde Akinleye
Nigeria’s economy grew 1.92 percent in the last quarter of 2017 compared with a 1.73 percent contraction in the same period of the previous year, the National Bureau of Statistics said on Tuesday.
The OPEC member’s gross domestic product (GDP) grew by 0.83 percent in 2017 as a whole after shrinking by 1.58 percent in 2016, its first annual contraction in 25 years.
Oil production rose to 1.91 million barrels a day (mbpd) in the last quarter of 2017 compared with 1.76 mbpd in the same period of 2016, the statistics office said.
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.
Africa’s biggest economy returned to growth in the second quarter of 2017 but the recovery has been fragile since it is largely due to higher oil prices. The International Monetary Fund (IMF) said in December that the economy remains vulnerable.
Nigeria’s economy grew 1.92 pct in Q4 2017
