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Nigeria cuts economic growth forecast for 2015

by ChemOrbis Editorial Team -
  • 19/12/2014 (15:06)
According to media reports, the Nigerian government has cut its economic growth forecast for 2015 due to expectations of lower revenues due to plunging crude oil prices. The government lowered its growth forecast to 5.5% from a previously estimated rate of 6.4%.

Oil accounts for about 15% of Nigeria’s GDP and weakening global oil prices, which have lost almost 50% of their value since June, caused the government to lower its growth forecast next year. The government also lowered its oil benchmark estimate to $65 a barrel and its oil production forecast to 2.27 million barrels per day, down slightly from initial assumption of 2.38 million. Nigeria is Africa’s biggest economy.

ICE February Brent crude was down $1.91 to settle at $59.27/barrel while NYMEX January crude broke below the $55/barrel threshold to settle at $54.11/barrel on December 18.
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