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Thread: Nigeria economic situation
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    Nigeria economic situation

    Hi,
    In this topic we should share our knowledge and article about current situation of economy of Nigeria, and how this situation can be approved. you can share your knowledge here to support your contest you can use graphics.

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    Nigeria Economic Outlook

    Incoming data points to a firming recovery in recent months after growth hit a two year high in the fourth quarter of last year . The pmi came in at one of the highest levels of record in April and preliminary days from OPEC revealed that oil production rose in the same month. Although activity is gaining steam, the recovery is moderate overall. Crude oil output is below the governments budget assumption, weighed down by poor infrastructure and maintenance work,and the state oil company Nigerian National Petroleum Corp is beset by mismanagement and financial woes. On a brighter note, authorities finally passed the delayed 2018 budget on 16 May, which should lead to a pick up in public spending. In addition, at the end of April Nigeria and China agreed to a three year currency swap worth NGN 720 billion . The agreement should help boost liquidity and encourage trade between the two countries . China is one of Nigeria's largest trading partners..

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    Nigeria Economic Growth

    The economy is seen gaining steam this year thanks to higher oil prices and improved foreign exchange rate liquidity. However,political uncertainty ahead of February's election and security concerns in the oil producing region,Niger Delta,continue to pose risks to the growth outlook. FocusEconomics panelists expect GDP to increase to increase 2.5% which is down a notch from last year's projection.Next year growth is seen rising moderately to 2.9%..

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