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NIGERIA'S ECONOMY WILL DWINDLE NEXT YEAR-REPORT

By NBF News
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Nigeria economic growth is projected drop to 6.6 percent in 2013 compared to 6.9 percent projected for this year, the African Economic Outlook report by the African Development Bank and its partners estimated yesterday.

The report said Nigeria's economic growth has averaged of about 7.4% annually over the past decade and remained robust in 2011 at 6.9%, driven by the non-oil sector, particularly telecommunications, construction, wholesale and retail trade, hotel and restaurant services, manufacturing and agriculture.

It said the government is expected to reach its target of getting inflation under 10% in 2013. The inflation rate fell from 13.7% in 2010 to 10.2% in 2011 following monetary policy tightening and the easing of food prices. Inflation is projected to ease to 10.1% in 2012 and 8.4% in 2013.

Meanwhile the report said the country's economic growth has not cut poverty nor created jobs.