Ebun Francis
The the International Monetary Fund (IMF) is projecting that Nigeria’s gross domestic product (GDP) will grow by 0.8 percent in 2017, according to a report it released on Monday. The IMF projection is coming less than a week after the World Bank’s forecast of 1 percent growth.
Part of the report stated, “Global growth for 2016 is now estimated at 3.1 percent, in line with the October 2016 forecast. Economic activity in both advanced economies and EMDEs is forecast to accelerate in 2017–18, with global growth projected to be 3.4 percent and 3.6 percent, respectively, again unchanged from the October forecasts.”
“Notably, the growth forecast for 2017 was revised up for China (to 6.5 percent, 0.3 percentage point above the October forecast) on expectations of continued policy support.
“Nigeria’s forecasts were also revised up, primarily reflecting higher oil production due to security improvements.”
More to follow..