IMF Says Nigeria’s Economy May Contract by 1.8% This Year
- Currency adjustments, oil, power generation to weigh on GDP
- Sub-Saharan Africa 2016 growth forecast cut to 1.6% from 3%
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Africa’s largest economy will probably contract by 1.8 percent this year and curb growth in the entire region, according to the International Monetary Fund.
The Washington-based lender cut its 2016 growth forecast for Nigeria from 2.3 percent projected in April, according to its World Economic Outlook update released on Tuesday. The projection for next year was reduced to 1.1 percent from 3.5 percent.