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Nigeria Sees 2016 GDP Expanding While IMF Forecasts 1.7% Slump

  • Nation forecasts bumper harvest from rice fields this year
  • IMF expects contraction, first full-year shrinkage since 1991

Nigeria’s government says its economy could still expand this year because of a bumper rice harvest, even as the International Monetary Fund forecast the first contraction in more than two decades.

Gross domestic product will probably expand by 0.35 percent from 2.8 percent in 2015, according to e-mailed documents from the Ministry of Budget and National Planning. That contrasts with the IMF’s forecast on Tuesday that the economy will shrink by 1.7 percent, the first full-year contraction since 1991.