Nigerian Growth Rate Seen Rising From Lowest This Century

Nigeria’s economic growth is forecast to accelerate in 2016 from its slowest pace in 16 years, as the government increases investment in power and housing projects and tackles wasteful spending, the statistics agency said.

Growth in gross domestic product is forecast to be 3.8 percent in 2016 from an estimated 3 percent last year, the National Bureau of Statistics said in a report on Thursday. The plunge in oil prices that’s hammering government revenue is fueling a transformation of the economy, the agency said.