Home Economy Nigeria Economic Growth Picks Up as Oil and Factory Output Rise

Nigeria Economic Growth Picks Up as Oil and Factory Output Rise

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Nigeria’s economic growth quickened in the first quarter as oil output started to recover and manufacturing production increased for the first time in a year.

Gross domestic product in the continent’s biggest oil producer expanded 0.5% in the three months through March from a year earlier, the Abuja-based National Bureau of Statistics said in a report published on Twitter on Sunday. That compares with 0.11% growth in the fourth quarter.

The median of three economists’ estimates in a Bloomberg survey was for an increase of 0.9%. The slow pickup in growth could reinforce central bank Governor Godwin Emefiele’s view that it’s still too early to increase the key interest rate from 11.5%.

Emefiele has said the monetary policy committee can only shift to fighting inflation that’s at an almost…

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