Nigeria Economic Update: World Bank Cites Positive Economic Trends and Progress in Poverty Reduction

press release

Nigeria's short term macroeconomic outlook improved in the first half of 2014 relative to 2013, says the World Bank in its new Nigeria Economic Report (NER) launched today in Abuja. The report indicates that revenues to the federation have increased, foreign reserves have stabilized, the Excess Crude Account (ECA) has been augmented, and prospects for growth are stronger than last year.

The re-based GDP estimates reveal a larger, more dynamic and complex economy than did previous statistics. The report however, stresses that macroeconomic risks remain due to uncertainty about future oil output, oil prices, and short term capital flows.

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