Nigerian GDP Growth Disappoints on Adverse Weather, Naira Slump
- GDP expanded 2.98% in first quarter; analysts expected 3.5%
- Nation’s non-oil sector grew at slowest pace in two quarters
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Nigeria’s economy grew at a slower than expected rate in the first quarter as a sharp currency slump and adverse weather impacted the non-oil sector.
Gross domestic product expanded an annual 2.98% in the three months through March, compared with growth of 3.46% in the previous quarter, according to data released by the National Bureau of Statistics on Friday. The median estimate of eight economists in a Bloomberg survey was 3.5%.