The World Bank has cut back on
Nigeria’s growth forecast for 2018, stating that the country’s gross domestic
product (GDP) will grow by only 1.9 percent — down from estimated 2.1 percent
estimated in April.
The Washington-based lender said
this was as a result of the reduction in oil production levels in the
continent’s biggest economy, and contraction in the agricultural sector,
following the herder-farmer crisis.
“Average growth in the region
rose from 2.3% in 2017 to 2.7% in 2018, barely above population growth, partly
due to weaknesses in Nigeria, South Africa, and Angola—the region’s three
largest economies,” the bank said.
“In Nigeria, declining oil
production and contraction in the agriculture sector partially offset a rebound
in the services sector and dampened non-oil growth, all of which affected
economic recovery.”
More to follow…
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