Nigeria's Economic Outlook for 2018

Monday, February 12, 2018

by Business Council for Africa

Nigeria, following several years of poor economic performance and recession in 2016/17, driven by reasons well documented, towards the end of 2017, the economy appears to have turned a corner. Between 2006 and 2016, Nigeria’s GDP grew at an average rate of 5.7 percent per year. This was sustained largely by high oil prices, but following the oil price crash, Nigeria experienced negative GDP growth. After contracting for five consecutive quarters, the economy has returned to growth in the second and third quarter of 2017.

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