Nigerian growth quickens in Q3, oil output recovers

Nigeria's economic growth quickened to 6.8 percent year-on-year in the third quarter, while oil output in Africa's biggest producer recovered but remains well below capacity, statistics showed on Monday.

Nigeria finmin, Okonjo-Iweala

Africa's second largest economy grew faster than the 6.18 percent in the second quarter this year due to a strong performance in the agriculture, construction and telecommunication sectors, the national bureau of statistics said in a report.
The OPEC-member's crude oil output rose to an average of 2.26 million barrels per day (bpd) in the third quarter, up from 2.11 million bpd in the second quarter, but down on the 2.52 million bpd produced in the third quarter last year.
Widespread oil theft and pipeline outages in the restive Niger Delta have cut up to 400,000 bpd from oil production this year. Oil exports account for 80 percent of government revenues and 95 percent of foreign exchange earnings.
Nigeria is growing as an investment destination due to its huge potential consumer population of almost 170 million and improved fiscal and monetary stability.