Macroeconomic Forecast Nigeria

July 2008 | Macroeconomic Forecasts

On the back of our upwardly revised oil price forecasts - we now see the OPEC basket average 2008 price of oil at US$121.50/bbl, up from US$96.50/bbl - we see Nigeria's current account rising to US$28.8bn (12.0% of GDP), buoyed by exports equal to US$104.7bn, up from US$57.7bn in 2007. After 2008, we see exports and the current account falling to US$100.7bn and US$23.5bn (8.0% of GDP) respectively in 2009, as oil prices decline to an average US$106.50/bbl.

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