Browsing: Nigeria Recession

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 …