Loading...
See More

Nigeria economy to speed up

Feb 18 2013 11:16 Reuters
Nigeria flag

(Picture: Shutterstock)

Related Articles

Nigeria inflation hits 4-month high

FirstRand secures Nigeria bank license

RMB to expand its franchise in Nigeria

Shanduka buys stake in MTN Nigeria

Nigerian banking stocks soar

Tiger Brands to up stake in Nigeria

 

Abuja - Nigeria's economy is expected to grow slightly faster this year than in 2012, driven by progress in the agriculture, banking and oil sectors, while high inflation rates should ease slightly, data showed on Monday.

Growth in Africa's second biggest economy is forecast at 6.75% compared with an estimated 6.61% in 2012, an outlook from the national bureau of statistics (NBS) said.

"Energy reforms ... banking sector, agricultural reforms and oil sector reforms are expected to drive higher growth during the period (2013-2016)," the report said.

GDP should expand by an average of 7.2% next year, 6.9% in 2015 and 6.6% in 2016, it said, adding that the projections assumed no change to monetary policy, stable fuel prices in the continent's biggest oil producer and a stable external environment.

It expected headline inflation to ease to 9.76% this year from 11.98% in 2012, when the removal of a fuel subsidy and flooding pushed prices up.

Consumer inflation eased to 9% year-on-year in January from 12% in December, dropping within the central bank's single-digit target range.

The bank's governor said last week that he was in no hurry to cut interest rates even if inflation fell.

Food price inflation, the biggest contributor to the headline index, eased to 10.1% in January from 10.2%, NBS statistics showed.  

Follow Fin24 on Twitter, Facebook, Google+ and Pinterest.

nigeria  |  gdp
NEXT ON FIN24X

 

Lastest Articles

Here is how to check your credit score and manage it Read More...
Top tips to save money over the festive period Read More...
These are the top 5 most fuel efficient cars in SA Read More...
What to consider when switching medical aid schemes Read More...
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

Brought to you by BizNews

More from BizNews

We're talking about:

Small Business

Retailers of any shape and size can now unlock the power of mobile transacting.
 

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...
Loading...