Nigeria’s Economy Slows at 1.94% Q2 2019

Nigeria’s economic growth has slowed to an annual rate of 1.94 percent in the three months to the end of June. The second quarter shows the country is struggling to shake off the effects of a recession it escaped two years ago. Naira notes Source : videoblocks.com Nigeria’s economy grew by 2.10 percent in the first quarter compared with the previous year, according to the National Bureau of Statistics (NBS) on Tuesday. Nigeria's Q2 2019 Source: NBS The economy has been held back by sluggish performance in the non-oil sector, despite government efforts to improve those industries and wean Nigeria off the crude oil on which it depends. The central bank has forecast growth of 3% for 2019. In the second quarter, the non-oil sector grew 1.64 percent and the oil sector expanded 5.15 percent, according to the statistics office. Crude production dipped to 1.98 million barrels per day from 1.99 million in the previous quarter.