Browsing: Nigeria Oil Sector

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 …