Nigeria’s economy recorded a faster growth in the third quarter, thanks to expansion seen in the non-oil sector.
The economy grew 2.28 percent on an annual basis in Q3, official data released by the Abuja-based National Bureau of statistics, shows. That’s an expansion from what the economy reported in Q2, when it grew 2.12 percent.
The faster growth was boosted by the developments in the non-oil sector of the economy as the sector expanded 1.85 percent year-on-year from the 1.64 percent in the previous quarter.
On the other hand, the oil sector which account for about 85 percent of the country’s foreign earnings and 70 percent of the West African nation entire revenue, slowed 6.49 percent in the quarter from as high as 7.17 percent in the previous quarter.
This is despite the country, producing at an average oil production of 2.04 million barrels per day, its highest in more than three years. In Q2, average daily oil production was o.1 million barrel lower than what it produced in the third quarter.
