Nigeria’s economic growth accelerated in the third quarter as oil output increased. The gross domestic product of Africa’s largest crude producer expanded 1.4 percent in the three months through September from a year earlier, compared with a revised 0.72 percent in the second quarter, the Abuja-based National Bureau of Statistics said Monday in an emailed report. The median of 13 economists’ estimates in a Bloomberg survey was for 1.5 percent growth.
The economy contracted 1.6 percent in 2016, the worst annual slump in 25 years. The International Monetary Fund forecasts GDP growth of 0.8 percent this year and 1.9 percent in 2018 as output of oil, Nigeria’s biggest export, increases and as more foreign currency becomes available for factory imports.
Oil production increased to 2.03 million barrels a day in the third quarter from a revised 1.87 barrels a day, the statistics office said. The crude sector contributed 10.04 percent to real GDP, according to the NBS.
President Muhammadu Buhari asked lawmakers to approve a 16 percent increase in spending to 8.6 trillion naira ($23.9 billion) for 2018. Buhari wants to invest about one third of the budget in roads, rail, ports and power to boost the economy.