Nigerian Economy Grew 3.5% in Second Quarter, Beating Estimates
- Growth was driven by 4.8% expansion in non-oil sector
- Inflation soared to a near 17-year high of 19.6% in July
Traders and pedestrians move between heavy traffic in a market area of Lagos, Nigeria.
Photographer: Damilola Onafuwa/BloombergThis article is for subscribers only.
Economic growth in Nigeria, Africa’s biggest crude producer, accelerated faster than expected in the second quarter, driven by growth in the non-oil sector.
Nigeria’s economy grew 3.5% year-on-year in the three months through June, compared with 3.1% in the first quarter, the National Bureau of Statistics said in a report on Friday. The median estimate in a Bloomberg survey of 10 economists was 2.9%.