UPDATE 1-Nigerian economy grows 1.4 pct in Q3 – stats office

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LAGOS, Nov 20 (Reuters) – Nigeria’s economy grew 1.4 percent
year-on-year in the third quarter, the statistics office said on
Monday, extending its slow climb out of its first recession in a
generation.

Africa’s largest economy returned to growth in the second
quarter of 2017 but the recovery has been fragile due to the
continuation of depressed oil revenues and a shortage of hard
currency.

The National Bureau of Statistics said oil production, on
which the OPEC member state’s economy largely relies, stood at
2.03 million barrels per day in the third quarter.

President Muhammadu Buhari’s 2017 budget outlines record
levels of spending, especially on infrastructure, to try to
kick-start growth, but the plan has faltered.

The budget was delayed as lawmakers withheld approval, and
even when passed, planned capital spending has been slow to
happen.

Despite these problems, Buhari’s government is proposing
record spending of 8.6 trillion naira ($27.30 billion) for 2018,
although economists have questioned whether that goal is
realistic.
(Writing by Ed Cropley; Editing by James Macharia)