Nigeria Economic Update (Issue 41)

Latest World Economic Outlook (WEO) report by the International Monetary Fund reveals that Nigeria’s economy will grow by 1.9 percent in 2018 – an unchanged stance from earlier projections. However, the figure is 2.9 percentage points lower than the 4.8 percent 2018 estimated growth rate in Nigeria’s ERGP (Economic Recovery and Growth Plan) 2– showing a very large disparity between domestic and international growth forecasts for Nigeria. The Fund’s projection however seems to have taken into cognizance underlying factors that could slow growth in the medium term:  faster pace of population growth relative to GDP growth3, poor policy implementation, banking system fragilities and foreign exchange market segmentation. 

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