Nigeria’s economy will contract this year—IMF ON JULY 11, 20169:58 PMIN BUSINESS, NEWSCOMMENTS The International Monetary Fund (IMF), on Monday, admitted that the Nigerian economy “will probably” shrink in 2016, performing below the IMF forecast for the country.
Speaking in Abuja, IMF resident representative in Nigeria, Gene Leon, said energy shortages and delayed budget weigh on output in Africa’s largest economy.
After contracting by 0.4 percent in the first quarter of 2016, Leon said Nigeria will experience some growth in the second half of the year, but he added that it would not be enough to upturn initial shrinkage.
Read more at: http://www.vanguardngr.com/2016/07/nigerias-economy-will-contract-this-year-imf/
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