Tuesday, 17 January 2017

IMF predicts Nigeria to recover from recession this year

The International Monetary Fund IMF, has predicted Nigeria will recover from the current economic recession this year. The international body stated this in its latest World Economic Outlook released yesterday Monday January 16th.
According to the outlook, Nigeria's Gross Domestic Product is expected to grow by 0.8 per cent this year and 2.3 per cent in 2018 due to increased oil production in the Niger Delta.

According to the release, the increase in oil production is mainly as a result of improvement in security within the Niger Delta region.

"Nigeria’s forecasts were also revised up, primarily reflecting higher oil production due to security improvements"the report stated
The outlook is similar to that of the World Bank that also predicted Nigeria would get out of Economic recession this year.

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