ABUJA: Nigeria's economy expanded slightly more than 4% in the third quarter, according to the statistics office, helped by rising oil prices, as the country prepares to begin mass COVID-19 vaccinations this month.
Following a COVID-19-induced recession, growth increased for the fourth straight quarter ending September 30. In October, inflation declined for the seventh consecutive month, less than a week before the central bank announces an interest rate decision.
"The likelihood of complete recovery is clear... as long as we maintain our performance," said Simon Harry, head of the National Bureau of Statistics.
Before the COVID-19 epidemic produced a recession and generated major funding gaps, including currency shortages and inflation, Nigeria had been struggling with poor growth.
Fitch said on Monday that it has resorted on ad hoc measures to preserve external liquidity, with recent dollar loans helping to bolster reserves. It added that a renewed drop in oil prices and a loss of reserves would be bad for ratings.
Rising oil prices, Nigeria's primary export, have also aided the country's economy. Oil production fell to 1.57 million barrels per day in the third quarter, accounting for about two-thirds of Nigerian government revenue and 90% of the country's foreign exchange reserves.
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