Senior Research Analyst
at FXTM
Investor confidence over the health of
Nigeria’s economy is being tested after economic growth slowed in the second
quarter of 2019.
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Nigeria’s GDP slowed to 1.94% from the
2.1% achieved in the first quarter of 2019 as oil output declined slightly. One
would have expected economic momentum to pick up after the Central Bank of
Nigeria (CBN) cut interest rates in March and forced lenders to dish out more
credit in a bid to boost growth.
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However, it is becoming quite clear
that as long as oil dependence remains one of Nigeria’s biggest risk, this will
continue weighing heavily on the economy for the rest of 2019. The
disappointing GDP data should nudge the CBN to cut interest rates for the
second time this year in September in an effort to stimulate growth.
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While lower rates have the potential to
keep the economy running, the answer to Nigeria’s woes can be found in
diversification. The level of progress the nation has made in breaking away
from the shackles of oil reliance remains a question for many with even the
International Monetary Fund urging the nation to diversify revenues.
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