A Review of the Nigerian Energy Industry

IMF says oil will drive Nigeria’s GDP growth in 2012

10 October 2012, Sweetcrude, LAGOS – THE International Monetary Fund, IMF, says improved oil production will help Nigeria in its plan of achieving a 7 per cent Gross Domestic Product, GDP, growth rate this year

The fund said: “In Nigeria, non-oil GDP growth will moderate with the softer external environment and tighter macroeconomic policies. But a slight rebound in oil output will keep overall GDP growth at 7 per cent”.

This is contained in IMF’s World Economic Outlook for the month of October 2012. It was released, Tuesday in Tokyo, Japan, venue of the on-going World Bank/IMF Annual Meetings.

The IMF said growth in the oil-exporting economies is projected to remain high, near six per cent in 2012 and that increased oil production in Angola will expand its GDP by close to 6¾ per cent this year.

“In the baseline scenario, under which strains in the euro area remain contained and the global economy expands by 3¼ to 3½ per cent this year and next, growth in Sub-Sahara Africa, will continue above five per cent during 2012–13,” the Fund said.

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  • While it is gratifying to note that the Nigerian economy will achieve as much as 7 per cent groth in GDP in 2012, it would have been something to celebrate if this growth was driven by the non-oil sector.

  • Andrew Les Paul Gibson via Facebook

    Indeed, the growth will not reach the masses and rising food and fuel cost will diminish their already strained pocket!!

  • Which 2O12? 2012 that is ending in less than 3 months time, it is our leaders IMF are fooling and not Nigerians.