The International Monetary Fund (IMF) has predicted that Nigerian economy would grow by 1.9% in 2018 thanks to less disruption of oil production and export. This was revealed by Amine Mati, Mission Chief and Senior Resident Representative for Nigeria of the IMF, Premium Times reports
“The recovery is expected to contribute about 0.7 percentage points to the region’s average growth in 2018 and lift activity in Nigeria’s trading partners through stronger remittances, financial spillovers and import demand.’’
According to him, Nigeria’s non-oil economy is also expected to recover and invariably contribute to growth, Mati said presenting a report in Abuja about the regional economic outlook on Sub-Saharan Africa.
The Nigerian economy suffered major hurt in 2016 no thanks to slump in oil prices . Also, disruption of oil production by aggrieved fighters in the Niger Delta region of the country aggravated the country’s economic woes. The continued disruption of oil facilities which lasted for more than a year sent Africa’s largest economy crawling.
However, normalcy returns to the country’s oil sector in 2017 and was able to record 0.8% growth. Cease of attacks on oil installations paves way for economic growth and oil production has since been steady.