Oil slump: IMF cuts Nigeria’ growth to 4.8%

Falling oil prices have forced the International Monetary Fund (IMF) to further cut its economic growth forecast for Nigeria in 2015 to 4.8 per cent, up from 7.3 per cent it forecast in October.
The Nigerian economy had grown by 6.1 per cent in the third quarter of 2014.
The IMF forecast in its World Economic Outlook update released on Tuesday in Beijing that Nigeria will grow by 4.8 and 5.2 per cent in 2015 and 2016 respectively. According to the report, the sub-Saharan Africa’s economy is projected to expand by 4.9 per cent this year, down from a previous projection of 5.8 per cent, and grow by 5.2 per cent in 2016.

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