The government told Nigerians the economy was getting better but figures just released show Year-on-year growth slowed to 1.94% in the three months to the end of June and this is the second quarter in a row of decline as Africa’s most populous nation struggles to shake off the effects of a recession it escaped two years ago.
Nigeria’s economy grew by 2.10% in the first quarter compared to the previous year, according to the statistics office in Abuja the capital on Tuesday.
Africa’s biggest economy has been held back by sluggish performance in the non-oil sector and failure of government to diversify the economy and wean Nigeria off the crude oil on which it depends.
The central bank has forecast growth of 3% for 2019 but with these latest numbers that projection will fall through analysts say.
In the second quarter the non-oil sector grew 1.64% while the oil sector increased 5.15%, according to the statistics office.
Crude production dipped slightly to 1.98 million barrels per day from 1.99 million in the previous quarter.
