Nigeria’s economy improves in Q2 to 6.28 per cent – National Bureau of Statistics
by Isi Esene
The National Bureau of Statistics (NBS) on Sunday released Nigeria’s second quarter economic report which indicated a growth of 6.28 per cent reportedly buoyed by the non-oil sector of the economy.
This figure represents an improvement on the first quarter economic figures which put the country’s GDP growth at 6.17 per cent.
According to reports, there was an increase in the average daily crude oil output which climbed to 2.38 million barrels per day (bpd) from the first quarter figure of 2.35 million (bpd).
The report indicated an all-round improvement with the NBS also announcing a reduction in inflation. The August consumer inflation figures came at 11.7 per cent compared to the July figure of 12.8 per cent.
The NBS explained the remarkable drop in consumer inflation on the sharp drop in food inflation which came down from July figures of 12.1 per cent to 9.9 per cent in August.
Observers have commented on the inability of the common man to feel the impact of the improved economic outlook periodically presented by the relevant agencies.