Nigeria Cuts 2017 Growth Forecast to 2.5%, Minister Says
- Economic growth projection down from 3% due to economic slump
- Government set to propose 7.3 trillion-naira budget for 2017
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Nigeria cut its 2017 growth forecast by half a percentage point as the ongoing economic slump slows output, the Budget and National Planning Minister Udo Udoma said.
West Africa’s biggest economy will probably grow by 2.5 percent compared with an earlier projection of 3.02 percent, Udoma told lawmakers in the capital, Abuja on Tuesday. “We realized that it is not achievable due to the current economic recession,” he said.