Posted 2/22/2024, 7:30:00 PM
Nigeria Economic Growth Reaches 3.46% in 2023 Despite Persistent Challenges
- Nigeria's economy grew 2.54% in Q4 2023, ending the year with 3.46% GDP expansion as oil sector exited 3-year contraction
- Oil production rose to 1.55 million barrels per day, up from 1.34 million bpd last year
- Higher production raises possibility of Nigeria meeting OPEC quotas for first time
- New president Bola Tinubu canceled petrol subsidy and lifted currency controls, fueling inflation
- Tinubu promised 6% economic growth during inauguration, but Q3 and Q4 growth remained around 2.5%
