Tuesday, 27 February 2018


Investor sentiment over the Nigerian economy was uplifted on Tuesday after official reports showed that the nation bounced back to life in 2017, after experiencing its first recession in over 25 years.

Nigeria’s GDP grew by 0.83% in 2017, thanks to improved growth in “crude oil production, crude production and natural gas, metal ores, construction, transportation and storage, trade, electricity and gas production” according to the NBS.

With Nigeria slowly breaking away from the shackles of oil reliance and deriving growth from other sustainable sources, the outlook remains highly encouraging. For Nigeria to maintain this current positive momentum, it is vital that the 2018 budget is approved.

With economic growth prospects on a positive trajectory and inflation stabilizing, the Central Bank of Nigeria could be encouraged to cut interest rates sooner than expected to support growth further.

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