OIL OUTPUT IN NIGERIA RISES TO A THREE-YEAR HIGH
NIGERIA’S ECONOMIC growth increased in Q3 thanks to a rise in production of crude oil, its main export commodity. Africa’s largest economy has been struggling to shake off the effects of the 2016 recession, but economic growth rates have increased this year.
The oil sector – which accounts for around two thirds of government revenue – managed to combat a negative performance in the first quarter by producing 2.04 million barrels per day. This led Nigeria’s economic growth to rise to an annual rate of 2.28 percent.
However, Razia Khan, Chief Economist for Africa and the Middle East at Standard Chartered cautioned that Nigeria could come under increasing pressure to comply to its OPEC quota.