DROK ENERGY JOURNAL: Economic Growth In Nigeria By Dr Wole Kupolokun
The growth of the Nigerian Economy slowed down tremendously in the first quarter due to slump in oil prices. The National Bureau of Statistics confirms that Expansion in gross domestic product of Africa's biggest oil producer eased on an annual basis to 4 percent compared with 5.9 percent a quarter earlier, the said in a statement.
The country is seriously battling to cope with the rapid decline in oil prices over the last year as the oil industry represents more than two thirds of the state's revenue. According to enrgyvoice.com the oil industry represented 10.5 percent of Nigeria's first-quarter GDP, rising from 9 percent in the three months through December. Non-oil growth was 5.6 percent in the first quarter, compared with 6.4 percent in the fourth quarter of last year.
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