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Citigroup Raises Nigeria’s 2011 Economic Growth Forecast to 7.1%

Sept. 29 (Bloomberg) -- Citigroup Inc. raised its economic growth forecast for Nigeria this year to 7.1 percent from 6.8 percent, David Cowan, an economist at the bank, said in an e-mailed report.

The economy will probably expand 6.7 percent in 2012, according to the report. Fiscal discipline, higher interest rates and an increase in oil production may help the central bank maintain “stability” in the naira, Cowan said in the report.

To contact the reporter on this story: Franz Wild in Johannesburg at fwild@bloomberg.net

To contact the editor responsible for this story: Nasreen Seria at nseria@bloomberg.net

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