Economics
Nigeria GDP Confirms What Central Bank Denies: Naira Hurts
- The economy grew 2.8% last year, the slowest place since 1999
- Nigeria may already be in a recession, say analysts at Exotix
This article is for subscribers only.
Nigeria’s economic growth data confirmed what central bank Governor Godwin Emefiele has been loath to admit: that currency controls are hurting the economy.
Growth in Africa’s biggest economy and oil exporter slowed to 2.8 percent last year, the weakest level since 1999 and down from 6.2 percent recorded in 2014. Industrial output contracted 2.2 percent last year, compared with expansion of 6.8 percent in 2014.