The World Economic Outlook report, recently released by the World Bank, reduced its growth projection for Nigeria to 2.1 percent in 20181, from 2.5 percent2. The new growth projection is considerably lower than the 3.5 percent 2018 growth rate projected by the federal government of Nigeria. However, at 2.1 percent, the growth is a significant improvement from actual 2017 growth rate of 0.83 percent; and this outlook has been hinged on improving oil prices, revenue and production, and foreign exchange measures that contribute to better foreign exchange availability.
Macroeconomic Report & Economic Updates
March 8, 2018
Nigeria Economic Update (Issue 16)
The World Economic Outlook report, recently released by the World Bank, reduced its growth projection for Nigeria to 2.1 percent in 20181, from 2.5 percent2. The new growth projection is considerably lower than the 3.5 percent 2018 growth rate projected by the federal government of Nigeria. However, at 2.1 percent, the growth is a significant […]
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rate, estimating GDP merely with a single exchange rate figure (rather than its
yearly average) cannot be regarded as an appropriate method to conclude on Africas
largest economy.