Data from the Nigerian Bureau of Statistics says Nigeria’s oil production reached a low of 1.84 million barrels per day (bpd), for the second quarter of 2018.
The report, released Monday, shows that this is the lowest the country has produced since it began its path to economic recovery in Q1 2017.
According to the report, which covers April to June 2018, the country’s economic growth in Gross Domestic Product (GDP) terms, slowed down from 1.9 per cent in the previous quarter to 1.5 per cent in the three months under review.
With crop production also falling to its lowest since 1987, according to NBS boss, Yemi Kale, analysts believe that the Central bank’s policy to reduce dependence on oil by increasing single digit interest rate loans to the agriculture and manufacturing sectors, might help boost revenue from non-petroleum aspects of the economy.
“Increased spending…
Read More…..Sahara Reporters
