Nigeria’s economy rises in Q3 as mass COVID-19 vaccination looms

Nigeria’s economy rises in Q3 as mass COVID-19 vaccination looms

ABUJA- Nigeria's economy grew just over 4% in the third quarter, the statistics office said on Thursday, lifted by higher oil prices, as the country targets mass COVID-19 vaccination from this month. Growth rose for the fourth consecutive quarter ending Sept. 30, after a COVID-19-induced recession. However, third-quarter growth rate slowed compared with the previous quarter, data from the National Bureau of Statistics (NBS) showed. "The prospect of full recovery is glaring ... provided we sustain the performance," said Simon Harry, the head of the statistics office. Nigeria had been grappling with low growth since before the COVID-19 pandemic triggered a recession and created large financing gaps, including dollar shortages and inflation. It has relied on ad-hoc measures to maintain external liquidity, Fitch said on Monday, with recent dollar loans helping to boost reserves. A renewed downturn in oil prices and a reserves depletion would be negative for ratings, it said. Rising prices for oil, Nigeria's main export, have also helped. Production of oil, which accounts for around two-thirds of government revenue and 90% of its foreign exchange reserves, contracted 10.73% in the third quarter as crude production dropped to 1.57 million barrels per day. The World Bank has said