ZCZC
BCN-19
NIGERIA-ECONOMY-DATA
Nigeria’s economy grew 1.9% in 2018: data
LAGOS, Feb 13, 2019 (BSS/AFP) – Nigeria’s economy grew 1.9 percent in
2018, the National Bureau of Statistics said on Tuesday, just days from an
election in which the pace of growth is a campaign issue.
The NBS said gross domestic product (GDP) also rose by 2.38 percent in the
fourth quarter of 2018 compared to the same quarter in 2017. Growth
accelerated from the 1.81 percent expansion in the third quarter.
The government had targeted two percent growth for last year to boost the
fragile economy, which only emerged in 2017 from its first recession in over
two decades, triggered by low crude prices and militant attacks on energy
facilities.
Oil sales make up two-thirds of government revenue.
According to Bloomberg, the figures could help President Muhammadu Buhari
to convince voters the economy is finally recovering more forcefully from the
2016 recession.
But economist Mark Bohlund said: “Buhari’s four-year term has still seen
the weakest growth in the living memory of a large share of the electorate.”
That could favour his main challenger, Atiku Abubakar, he added.
Buhari’s administration is targeting three percent growth in 2019, which
is still only just above the 2.6 percent expansion rate of Nigeria’s
population.
The 76-year-old former military ruler came to power in 2015 on a pledge to
turn the economy around. He is facing a stiff challenge from businessman and
former vice president Atiku Abubakar.
BSS/AFP/HR/1015