Nigeria: GDP growth firms to 0.5% y/y in Q1 lifted by agriculture and crude oil

  • Structural weaknesses, economic uncertainty, FX shortages, elevated inflation drag on non-oil economy
  • Inflation has remained in double digits driven by food supply challenges, and FX pass through
  • Economy contracted 1.9% in 2020 due to COVID-19, oil price slump, marking second recession in only four years
  • Economic growth will remain weak and fragile in 2021 as Nigeria needs to implement FX and monetary reforms

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