GDP of Nigeria grew for the fourth quarter in a row

The economy of Nigeria in the first quarter of 2018 increased by 1.95% in annual terms due to increased production and oil prices, according to the National Bureau of Statistics. Compared to the previous quarter, when the recovery was 2.11%, the growth rate in annual terms slowed, but growth was observed for the fourth consecutive quarter. Regarding the fourth quarter of 2017, GDP of Nigeria fell by 13.4%. The volume of oil production in quarterly terms increased by 50,000 barrels per day, in annual terms - by 250,000 barrels per day to 2 million barrels per day. The indicator was the highest since the first quarter of 2016. The oil sector grew in annual terms by 14.77%, non-oil sector - by 0.76%.

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