September 19, 2023

Nigeria Economic Update (Issue 34)

According to the National Bureau of Statistics (NBS), Nigeria’s Gross Domestic Product (GDP) grew by 2.51% (year-on-year, YoY) in real terms in the second quarter (Q2) of 2023. This growth rate is less than the 3.54% recorded in the Q2 2022 and is primarily driven by the services sector, which recorded a growth rate of 4.42 percent in the period and contributed 58.42 percent to the aggregate GDP. 

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Nigeria Economic Update (Issue 37)

OPEC Monthly oil report reveals that Nigeria recorded the highest month-on-month increase in crude oil production among the OPEC member countries in August 2017. Specifically, at an increasing rate of 8 percent, domestic oil production rose to pre-2016 level of 1.86 million barrels per day in August 2017. With ongoing repairs in the sector, oil production could get to 2.2 million barrels per day in the near term, albeit the prior voluntary agreement to cap production at 1.8 million barrels per day. Going forward, there is need to address poor planning and policy inconsistencies in the sector, in order to ensure the influx of investors who have channeled their investments to other African countries due to laxity in policies in the sector.