Nigeria’s impressive economic growth seemed to be faltering in 2011 as the global recession took its toll, but recent legislative changes suggest a brighter financial future, says Koye Edu, Managing Partner of Jackson Etti Edu
Over the past decade, Nigeria’s economy has witnessed substantial growth, and the economy grew at an annual average of 7.4 percent. In 2011, economic growth dropped marginally by 0.18 percent. At the outset of 2012, the big question was whether Nigeria would be able to withstand the effects of the slow growth being experienced in Europe. In spite of the concerns, the IMF predicted a 7.1 percent growth rate for the Nigerian economy in 2012 and similarly the 2012 Budget of Nigeria assumed a growth rate of 7.2 percent, based on the recovery of crude oil output in 2012 and the credible performance of non-oil sectors like agriculture and services.
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