Sunday, 31 March 2013

IMF sees Nigeria economy picking up steam in 2013

WASHINGTON (Reuters) - Economic growth in Nigeria is likely to rise above 7 percent in 2013 with inflation slowing below double digits, the International Monetary Fund said on Thursday.
In its 2012 review of Africa's second largest economy, the IMF projected that the pace of growth would pick up to 7.2 percent this year from 6.3 percent in 2012.
It said Nigeria's tightening of monetary policy was in line with the authorities' efforts to contain inflation below 10 percent. The IMF also estimated that Nigeria's currency, the naira, was "broadly in line with fundamentals".
Nigeria's central bank held rates at 12 percent last week for the ninth consecutive time, citing concerns about ongoing external price pressures. Nigerian consumer inflation rose to 9.5 percent in February from 9 percent in January, staying within the central bank's single digit target. Food prices rose to 11 percent.

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