NIGERIAGrowth dips, inflation rises

Nigeria’s economic growth slowed slightly in the third quarter to 7.4 percent year on year as oil output dipped, but a rise in headline inflation in October fed expectations for an interest rate rise next week. Consumer inflation rose to 10.5 percent year on year last month, up from 10.3 percent in September, the National Bureau of Statistics said yesterday. Gross domestic product growth slowed from 7.72 percent in the second quarter but was in line with expectations, the agency said. Major contributions to growth came from the agriculture, wholesale and retail trade, telecoms, manufacturing, and finance and insurance sectors, but oil output fell. – Reuters