Nigeria’s economy, oil output slows in Q1

ABUJA (Reuters) – Nigeria’s economy grew 6.17 percent in the first quarter this year, down from 7.68 percent in the fourth quarter last year, due partially to the removal of government fuel subsidies, the national bureau of statistics (NBS) said on Tuesday.

Nigeria’s oil production fell to an average of 2.35 million barrels per day (bpd) in the first quarter of this year, from 2.4 million bpd in the fourth quarter 2011, NBS said.

No tags for this post.