Nigeria to grow by 2.1% this year, says IMF

The International Monetary Fund says Nigeria, the sub-Saharan Africa’s most-populous nation and top crude producer, will grow by 2.1 per cent this year, matching the lender’s estimate released in January.

In its Africa Pulse report released on Wednesday, the Washington-based Fund said South Africa, the world’s biggest source of platinum, would expand by 1.5 per cent, more than the 0.9 per cent prediction three months ago.

The two economies account for almost half of the SSA region’s Gross Domestic Product.

The IMF increased its forecast for expansion in sub-Saharan Africa to 3.4 per cent this year and 3.7 per cent the next “as the challenging outlook in commodity exporters gradually improves,” it said.

Ghana has lost its mantle as the African economy likely to grow the quickest this year to Ethiopia, which has held the position for most of the past decade, according to the IMF data.PUNCH


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