Nigeria’s President Muhammadu Buhari
LAGOS, NIGERIA—Since taking office, Nigeria’s president Muhammadu Buhari’s steps to wipe out corruption has not been, but it is also paying off in boosting the country’s economy.
According to latest economic analysis and reports, the Nigeria’s economy continued its recovery from recession. The latest analysis suggest the economy rose by 1.4 percent in the third quarter of this year on increased oil production, according to official data shown on Monday.
The country’s National Bureau of Statistics (NBS) said the economic data shows this was the second quarter of consecutive growth since the country arose from the recession.
“This growth is 3.74 percentage points higher than the rate recorded in the corresponding quarter of 2016 (-2.34 percent) and higher by 0.68 percentage points from the rate recorded in the preceding quarter (of 2017),” said the NBS.
According to the NBS, daily oil production rose in the third quarter, averaging 2.03 million barrels per day (bpd), compared to 1.87 million bpd in the preceding quarter.
“Real growth of the oil sector was 25.89 percent (year-on-year) in Q3 2017. This represents an increase of 48.92 percent relative to rate recorded in the corresponding quarter of 2016,” it said.
Nigeria, an oil-rich nation with a significant human population, depends on the sector for 70 percent of government revenues and 90 percent of export earnings.
Nigeria went into recession for the months in more than two decades beginning 2016 after a sustained fall in global oil prices and militant attacks in the Niger Delta.
Since taking state power, the government in Abuja has been trying to reduce the country’s reliance on oil but the NBS said non-oil sector only grew 0.76 percent in the quarter.
“This is lower by -0.79 percentage points compared to the rate recorded same quarter, 2016 and -1.20 percentage points lower than in the second quarter of 2017,” it said.
President Muhammadu Buhari early this month presented a record 8.6 trillion naira ($24 billion, 20.8 billion euros) budget aimed at supporting economic recovery in 2018.
The government is targeting growth of 3.5 percent next year, with an estimated oil output of 2.3 million barrels per day as against a projected 2.2 million bpd in 2017.