Nigeria’s economic growth is on an over drive. It rose to an annual rate of 2.28% between July and September riding on the back of its main export commodity- crude oil. This quarter’s growth is the highest in the last three years. Nigeria’s economy has grown 0.17% in the previous quarter and 0.47% in the same period a year ago, snapping the bond of a recessionary trajectory since 2016. What is significant is that the growth evidenced now is from a low base.
Oil sector growth has had its profound impact both on the economic growth and exports. Crude oil contributes to 90% of the exports from the country and for the last three years or so, there was slump in the oil sector, which had adversely affected the production as also exports. Importantly, th crude production hit 2.04 million barrels per day between July and September, which is the highest since the same period in 2016.
