IMF cuts Nigeria growth forecast again amid oil slump

The International Monetary
Fund said on Thursday that it has again cut its growth forecast
for Nigeria as the oil exporter faces “substantial challenges”
from low crude prices.

In its annual review of Nigeria’s economic situation, the
IMF said that gross domestic product growth would slow to 2.3
percent in 2016 from an estimated 2.7 percent in 2015. In
February, when IMF officials visited the country, the Fund had
forecast 3.2 percent growth for Nigeria in 2016.

“Key risks to the outlook include lower oil prices,
shortfalls in non-oil revenues, a further deterioration in
finances of state and local Governments, deepening disruptions
in private sector activity due to constraints on access to
foreign exchange, and resurgence in security concerns,” the IMF
said, adding that Nigeria’s general government deficit would
grow further after doubling to 3.7 percent of GDP in 2015.

(Reporting By David Lawder; Editing by Alistair Bell)

The article IMF cuts Nigeria growth forecast again amid oil slump was originally published at Reuters - US Energy.