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Nigeria’s GDP Expands 2.5% in Second Quarter as Oil Sector Shrinks

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Nigeria’s gross domestic product (GDP) expanded at a slower-than-expected pace in the second quarter (Q2) after the oil sector contracted for a 13th straight quarter, adding to the list of issues President Bola Tinubu needs to address.

Gross domestic product in the continent’s biggest oil producer expanded 2.5% in the three months through June from a year earlier, compared with 2.3% in the prior quarter, the National Bureau of Statistics (NBS) said Friday.

The 3.58% growth in the non-oil sector in the second quarter from a year earlier was offset by a contraction in the oil sector. The industry contracted 13% as production decreased to 1.2 million barrels per day. That compared with 1.5 million barrels per day from a year earlier.

Nigeria has been trying to ramp up production to reach its full OPEC+ quota but has been beset by ongoing supply disruptions, theft and pipeline vandalism.

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