Nigerian Economy Expands 1.93% in 2018 From the Previous Year - EcoFinBiz Blog

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Nigerian Economy Expands 1.93% in 2018 From the Previous Year

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(Bloomberg) -- Nigeria’s economic growth quickened in 2018, easing the environment for the winner of Saturday’s election to implement policies for further expansion.

Gross domestic product in Africa’s largest oil producer expanded 1.93 percent last year, compared with 0.8 percent in 2017, the Abuja-based National Bureau of Statistics said on its website on Tuesday day. The economy grew 2.4 percent in the fourth quarter from a year earlier.

Key Insights:

  • Nigeria’s economic fortunes are closely linked to its oil output. While it accounts for less than 10 percent of GDP, it’s the biggest foreign revenue earner for the nation. Crude production declined to 1.91 million barrels a day in the fourth quarter from 1.94 million barrels in the three months through September.
  • The performance of the economy, which contracted in 2016, was highlighted in the run-up to Saturday’s election. The vote is expected to be a close contest between incumbent President Muhammadu Buhari, who is seeking a second term and says he will focus on structural reforms and the non-oil sector, and opposition candidate Atiku Abubakar, who says he will pursue more market-friendly policies.

To contact the reporter on this story: Solape Renner in Lagos at srenner4@bloomberg.net

To contact the editors responsible for this story: Sophie Mongalvy at smongalvy@bloomberg.net, Rene Vollgraaff, Renee Bonorchis

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