Nigeria’s economy grows 2.8% in Q3
The non-oil industry, which makes up 90% of Nigeria’s economy, grew 3.1% in the third quarter, down from 7.5% a year earlier. Manufacturing, however, fell 1.8% in the July-September period, posting the third consecutive quarterly contraction.
The statistics office also reported that the oil industry expanded 1.1% in the three months ending in September after contracting 6.8% in the second quarter, with oil production increasing to 2.17 million barrels per day (bpd) from 2.05 million bpd.
According to Bloomberg economists, Nigeria’s economic growth will slow to 3.9% this year compared with a growth rate of 6.3% in 2014.
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