IMF expects Nigeria growth of 1.9% due to fewer disruptions in oil production

The International Monetary Fund (IMF), says Nigeria is expected to grow by 1.9 per cent in 2018, up from 0.8 per cent in 2017, mostly owing to fewer disruptions in oil production.

Mr Amine Mati, the IMF Senior Resident Representative for Nigeria, said this while presenting the “Fall 2018 Regional Economic Outlook for Sub-Saharan Africa’’ on Thursday in Abuja.

Mati said that some pick-up in the non-oil economy was also responsible for the predicted growth. “The recovery is expected to contribute about 0.7 percentage points to the region’s average growth in 2018 and lift activity in Nigeria’s trading partners through stronger remittances, financial spillovers and import demand.’’

He also said that average growth for the region was expected to reach about 3.1 per cent in 2018, up from 2.7 per cent in 2017. According to him, recovery in sub-Saharan Africa is expected to continue amidst rising risks as growth momentum improved most notably for oil exporters, mainly in Nigeria, but remains subdued in South Africa.

Source: The Sun

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