Middle East & Africa: Macroeconomic overview

October 2016

Nigeria is expected to face continued economic hardship this year and next as it struggles to boost revenues from hydrocarbon exports.

Nigeria’s National Bureau of Statistics expects the country’s GDP to contract by 1.3% on an annual basis in 2016 – a sharp downward revision from its previous forecast for 3.8% growth. Meanwhile, the International Monetary Fund (IMF) expects Nigeria’s economy to shrink by 1.7% this year.