The National Bureau of Statistics says Nigeria's economic
growth slowed sharply in the second quarter as lower crude prices took their
toll.
The statistics body stated this in its quarterly report in
Abuja.
It said annual growth dropped to 2.35 percent from 6.54
percent a year earlier, while Oil production fell to 2.05 million barrels per
day from 2.21 million over the same period.
With oil accounting for more than 90 percent of Nigeria's
foreign exchange earnings and about 70 percent of government revenues, the fall
in crude prices and output has hurt Nigeria's finances and its naira currency,
with foreign investors pulling out of its stock and bond markets.
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