Oil, Agriculture Drive Nigeria Growth

Nigeria is in a good position for growth this year, says the African Development Bank. In its economic outlook for 2018, AfDB says despite slow and difficult recovery from recession and paltry gross domestic product growth in 2017, rising oil prices and output as well as growing agricultural performance stand Nigeria in good stead and place it well to grow in 2018, Thisdaylive reported. After recording negative GDP growth in two successive quarters, Nigeria’s economy was mired in recession in the second quarter of 2016. The country, however, exited its worst economic recession in more than two decades the following year, with growth of 0.55% in the second quarter of 2017. The national bureau of statistics, which announced the growth, attributed the economic recovery to improved performances in the oil, agriculture, and manufacturing and trade sectors of the economy. Launching the 2018 edition of its yearly report at its headquarters in Abidjan, AfDB said: “The outlook is positive, with growth projected at 2.1% in 2018 and 2.5% in 2019.