Browsing: Nigeria GDP

Nigeria has just become the leading nation with the largest economy in Africa, after South Africa recent economic slump, when its economy contracted and sliding into a second recession in two years.

South Africa and Nigeria make up almost half of sub-Saharan Africa’s Gross Domestic Product (GDP).

While South Africa statistics office highlighted bad news for the nation, suffering from power crisis, Nigeria statistician showed a rather positive performance of the economy, which grew at about 2.55 per cent in the fourth quarter of 2019.

This growth was the highest quarterly performance since the 2016 recession. It is argued that Nigeria’s economic growth was anchored on its oil exports with production levels remaining stable throughout 2019.

The South African economy shrank by 1.4 per cent in the fourth quarter of 2019, this followed a contraction of 0.8 per cent, which points to the fact that—the second-largest economy in Africa floated …

Nigeria, one of Africa’s largest economy has recorded the highest quarterly growth (in the fourth quarter—Q4) since the 2016 recession.

The economic growth rose to an annual rate of 2.55 per cent in the three months to the end of December, Nigeria’s National Bureau of Statistics (NBS) revealed on Monday.

The NBS noted that, compared to the fourth quarter of 2018 which recorded a growth rate of 2.38 per cent, this represents an increase of 0.17 per cent points and an increase of 0.27  per cent points when compared with the third quarter of 2019.

READ:Nigerian annual inflation soars to 12.1 per cent in January

The statistician highlighted that Nigeria’s economy has been classified broadly into the oil and non-oil sectors, whereby in Q4 the oil sector scored a decent increase of 7.98 points relative to the rate recorded in the corresponding quarter of 2018.

Also, the non-oil …