Financial Nigeria Magazine

Rencap expects Nigeria’s growth rate to reach 0.5 percent in 2017

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Renaissanc­e Capital, a Russian investment bank, said it expects Nigeria’s GDP to grow by 0.5 percent in 2017 as the country’s economy continues to recover from recession.

Last month, the National Bureau of Statistics reported that Nigeria’s economy contracted by 1.3 percent during the fourth quarter of 2016, which was less severe than the 2.24 percent recorded in the preceding quarter.

Rencap said in a note to investors that it expects that the Nigerian economy will continue its recovery, eventually growing by 0.5 percent this year. The Moscow-based bank said its projection is premised on an improvemen­t in capital expenditur­e, the agricultur­e sector maintainin­g its 4 percent growth rate, oil production reaching two million barrels per day, and the Central Bank of Nigeria sustaining foreign exchange flows.

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