National Office of Statistics Bureau (NSB) has said that Nigeria’s economic growth rose to an annual rate of 2.28% in the three months to the end of September after the production of its main export commodity, crude oil, rose to a more than three-year high.
Nigeria’s economy expanded by 0.17% in the previous quarter and 0.47% in the same period a year earlier. The country has Africa’s largest economy but has struggled to shake off the effects of a 2016 recession, which ended the following year.
According to the statistics office, growth rates in Nigeria have been bouncing back this year, though from a low base, after the oil sector shrugs off its negative performance in the first quarter.
Crude production in the third quarter stood at 2.04 million barrels per day, its highest since the first quarter of 2016, the statistics office said.
Nigeria recorded the highest quarterly growth in September since the last quarter of 2018 as the oil sector rose 6.49%. The non-oil sector rose 1.85% during the period.