Nigeria’s non-oil sector grows as Economy slows in Q1

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    Oil industry declined 2.4% from a year earlier, agency says

    Economy expanded 2.01% compared with 2.6% Bloomberg estimate

    ABUJA – Growth in Nigeria’s fragile economy slowed to 2.01% in the first quarter as the country’s dominant oil sector shrank, the National Bureau of Statistics said on Monday.

    The annual pace dropped from the previous quarter’s 2.38%, when activity was likely to have been boosted by state spending in the run-up to February and March elections in which President Muhammadu Buhari won a second term.

    Nigeria’s central bank has forecast growth of 3% for 2019.

    The largely crude-dependent economy emerged from recession in 2017 and has been recovering in great part due to higher oil prices.

    In the first quarter the non-oil sector grew 2.47% while the oil sector shrank 2.40%, according to the statistics office. Crude production rose slightly to 1.96 million barrels per day from 1.91 million in the previous quarter.

    Growth in the first quarter of 2018 was 1.89%.

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    Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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