Economics
Nigerian Second-Quarter Economic Growth Slows on Oil Plunge
- Oil industry in Africa's top producer shrinks 6.8 percent
- Nigerian stock exchange at 6-month low on oil-price decline
An oil pipeline in Nigeria.
Photographer: Pius Utomi Ekpei/AFP via Getty ImagesThis article is for subscribers only.
Growth in the Nigerian economy, Africa’s largest, slowed in the second quarter due to the slump in oil prices, the country’s statistics office said.
Gross domestic product expanded 2.35 percent on an annual basis, compared with 3.96 percent a quarter earlier, the head of the National Bureau of Statistics, Yemi Kale, said on his Twitter account on Tuesday. The oil industry contracted 6.8 percent, Kale said.