Nigerian Market Photo: gtbank

The National Bureau of Statistics (NBS) has disclosed that Nigeria’s economy rose 1.4 percent in the third quarter of 2017 on increased oil production.

The agency said it was the second quarter of consecutive growth since the country emerged from recession.

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NBS said: ”This growth is 3.74 percentage points higher than the rate recorded in the corresponding quarter of 2016 (-2.34 percent) and higher by 0.68 percentage points from the rate recorded in the preceding quarter (of 2017).”

It said daily oil production rose in the third quarter, averaging 2.03 million barrels per day (bpd), compared to 1.87 million bpd in the preceding quarter.

”Real growth of the oil sector was 25.89 percent (year-on-year) in Q3 2017. This represents an increase of 48.92 percent relative to rate recorded in the corresponding quarter of 2016,” the agency said.

Nigeria depends on the sector for 70 percent of government revenues and 90 percent of export earnings.

President Muhammadu Buhari early this month presented a record N8.6 trillion ($24 billion, 20.8 billion euros) budget to the National Assembly aimed at supporting economic recovery in 2018.

The federal government is targeting growth of 3.5 percent next year, with an estimated oil output of 2.3 million barrels per day as against a projected 2.2 million bpd in 2017.