Nigeria’s economy expands in Q3 after oil output spikes to three-year-peak

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Nigeria’s economy expands in Q3 after oil output spikes to three-year-peak

On Friday, the 22nd of November 2019, the Statistics office for the Govt. of Nigeria had revealed that economy of Nigeria, the 27th-largest by nominal GDP and the 22nd-largest by purchasing power parity across the globe that lies beside the Gulf of Guinea, grew by 2.28 per cent during the third quarter of the year that ended on September 30th after its export of core commodity, crude oil had soared to a more than three-year-peak.

In point of fact, the debt-laden economy of Nigeria, which had yet to shrug off impacts of a recession back in the 2016s and 2017s, appeared to be insulated so far from a global-scale economic downturn, as the Africa’s largest economy by size, grew by 0.17 per cent during Q2 and by 0.47 per cent during the same time a year earlier following a radical upsurge of its crude oil export.

Aside from that, the grief-sickened economy of Nigeria with more than 46 per cent of its people living below poverty line and an unemployment rate of 22 per cent, had been witnessing a sharp spike in growth since 2018 following a rebound of its crude oil sector, which accounts for about two-thirds of its entire GDP alongside 90 per cent of its foreign exchange activities.

Besides, according to the statistics office, Nigeria’s crude oil production over Q3, 2019, stood at 2.04 million barrels pre day, a level never seen in the West African nation with a public debt of roughly one-fifth of its Gross Domestic Product, since the first quarter of 2016.