‘Nigeria’s GDP to Grow by 7% in 2014’ – Nume Horsfall with agency report The United Nations Economic Commission for Africa (ECA) has listed Nigeria among select West African nations to witness Gross Domestic Product (GDP) growth of 6.9 per cent this year.
The ECA, in its annual World Economic Outlook, released in Addis Ababa listed Nigeria, Niger, Ghana, Liberia, Sierra Leone, Guinea and Burkina Faso among the economies.
The News Agency of Nigeria (NAN) noted that the reports, presented by the ECA’s Chief Forecaster, Adam EiHiraikia projected that Africa’s GDP would grow by 4.7 per cent in 2014. It also said there would be a growth of five per cent in 2015.
It added: “West Africa will continue to attract investment in the oil and minerals sector, a key source of growth in the sub-region, especially in countries such as Nigeria, Niger, Ghana, Liberia, Sierra Leone, Guinea and Burkina Faso.’’
The UN agency also said the GDP growth would, at that, be supported by improvement in global economic and regional business environment.
It also said high commodity prices and easing infrastructure constraints, as well as increasing trade and investments from emerging economies, would help in this direction.
The agency said factors such as medium-term growth prospects, increasing domestic demand from the emerging class of new consumers, urbanisation and rising income would be responsible for the expected growth.
The report however stated that inflation across Africa would decline slightly from the average eight per cent in 2013 to 7.8 per cent this year.
It said fiscal deficit would also decline from 1.8 per cent of GDP in 2013 to 1.7 per cent in 2014.
But it expressed concern that the economic growth recorded in the continent had not impacted positively on the populace, saying that poverty remained high.
Posted by Hope for Nigeria