Nigeria posts record 2.27% GDP growth

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Statistician-General of the National Bureau of Statistics of Nigeria, Dr Yemi Kale says Nigeria's economy grew unemployed
Statistician-General of the National Bureau of Statistics of Nigeria, Dr Yemi Kale
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Nigeria’s economic growth rose to an annual rate of 2.27% in the three months to the end of December, its highest quarterly growth since a 2016 recession.

The Nigeria Bureau of Statistics (NBS) office released the new data on Monday.

The economy, Africa’s largest, expanded by 0.27% in the previous quarter and 0.17% in the same period a year earlier.

The country has struggled to shake off the effects of a 2016 recession that ended the following year.

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Nigeria has been grappling with low growth since then.

Growth rose to an annual rate of 2.28% in the third quarter after production of its main export, crude oil, rose to a more than three-year high.

Crude production in the fourth quarter stood at 2 million barrels per day, up from 1.91 million in the same period of the previous year, the statistics office said.