The International Monetary Fund: Nigeria to grow by 0.8% in 2017

in BreakingNews @en by

The International Monetary Fund forecast 2.6 percent growth in sub-Saharan Africa this year: “Growth is projected to rise to 2.6 percent in 2017 and 3.5 percent in 2018, largely driven by specific factors in the largest economies, which faced challenging macroeconomic conditions in 2016”, the IMF said its latest World Economic Outlook report. Nigeria, the continent’s most populous nation and a leading oil producer, was expected to return to growth in 2017 after a challenging 2016 characterised by recession, a dip in oil prices and energy shortages. “Output in Nigeria is projected to grow by 0.8 percent in 2017 as a result of a recovery in oil production”, said the report, also citing sustained growth in the agricultural sector. Many of non-resource intensive countries will find it increasingly hard to sustain growth through higher public capital spending with a rising public debt, double digit inflation was forecast in several countries, including Nigeria, Angola and Ghana.

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