Macroeconomic Forecast Nigeria

According to the official Q2 2010 GDP report, Nigeria's oil economy expanded by 3.96% in the second quarter of 2010, raising hopes that it will again become an important vector of overall economic growth. Daily oil production accelerated to 2.35mn b/d, up from 2.06mn b/d in the same quarter in 2009. Although this is significantly higher than average levels in 2008 and 2009, when militant activity was causing severe disruptions, the continued expansion of the sector will depend on the passage and implementation of the petroleum industry bill.

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