Macroeconomic Forecast Nigeria

Based on figures released for the first two quarters of 2010, which show the economy expanding by 7.2% and 7.7% respectively, we reiterate our long-held view that full-year growth will come in at 7.5% y-o-y. Our view was based on expectations of a strong outturn in the non-oil economy, agriculture and wholesale and retail trade in particular. The economy has also received a considerable boost from crude oil production, which had been in decline for several quarters before reversing the trend in Q110.

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