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According to Bloomberg on August 27, Nigeria's economic growth slowed
for the second consecutive quarter due to a decline in oil production.
A report posted on Twitter by the Abuji-based National Bureau of Statistics said gross domestic product in Africa's largest crude oil producer grew 1.
5 percent
year-on-year in the three months to June.
This compares to 1.
95%
in the first quarter.
During this period, oil production fell to 1.
84 million barrels
per day.
That was the lowest since the first quarter of last year, when the Nigerian economy was contracting
.
While fuel accounts for 9 percent of GDP, crude oil is the West African country's largest source of foreign revenue
.
Statistician Yemi Kale tweeted that crop yields were growing at the
slowest pace since 1987.
Nigeria's economy is struggling to recover from the first contraction in 2016, when oil prices and production fell the most
in decades.
The International Monetary Fund forecast in 2017 that economic growth in 2017 would slow to 2.
1 percent
from less than 1 percent in 2017 as the crude oil industry improved and more foreign currency was needed to import.
President Mohammed Buhari signed a budget of 9.
1 trillion naira ($25 billion) in June, the country's largest budget to date, and increased investment in roads, railways, ports and electricity to boost economic growth
.
To further stimulate economic growth, the central bank last week pledged to invest in corporate bonds, aimed at financing
agricultural and manufacturing projects.
According to Bloomberg on August 27, Nigeria's economic growth slowed
for the second consecutive quarter due to a decline in oil production.
A report posted on Twitter by the Abuji-based National Bureau of Statistics said gross domestic product in Africa's largest crude oil producer grew 1.
5 percent
year-on-year in the three months to June.
This compares to 1.
95%
in the first quarter.
During this period, oil production fell to 1.
84 million barrels
per day.
That was the lowest since the first quarter of last year, when the Nigerian economy was contracting
.
While fuel accounts for 9 percent of GDP, crude oil is the West African country's largest source of foreign revenue
.
Statistician Yemi Kale tweeted that crop yields were growing at the
slowest pace since 1987.
Nigeria's economy is struggling to recover from the first contraction in 2016, when oil prices and production fell the most
in decades.
The International Monetary Fund forecast in 2017 that economic growth in 2017 would slow to 2.
1 percent
from less than 1 percent in 2017 as the crude oil industry improved and more foreign currency was needed to import.
President Mohammed Buhari signed a budget of 9.
1 trillion naira ($25 billion) in June, the country's largest budget to date, and increased investment in roads, railways, ports and electricity to boost economic growth
.
To further stimulate economic growth, the central bank last week pledged to invest in corporate bonds, aimed at financing
agricultural and manufacturing projects.
