ISSN 2330-717X

Nigeria: Central Bank Warns Economy Too Dependent On Oil

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The risk of a fall in oil prices on world markets imposes a new commitment to the development of agriculture, industry and infrastructure, said the president of the Central Bank of Nigeria, Mallam Sanusi Lamido Sanusi, discussing some data and prospects of the national economy in Abuja.

According to estimates by the institute, the gross domestic product (GDP) growth rate has remained stable overall, ranging from 7.87% in 2010 to 7.69% last year. In a difficult phase at the international level, the increase the production of crude oil and a “good performance” noted in agriculture and services have been the main factors contributing to economic growth.

Sanusi, however, highlighted the risk that the impact of the debt crisis in Europe might have, putting downward pressure on oil prices, the foreign sales of which account for more than 80% of the state budget.

”The opportunity to enhance the robust growth of the non-oil sector with further investments in infrastructure, industry and transformation processes – supported the central bank – should be used to mitigate the likely adverse effects of external shocks in the course of ’year. “

MISNA

MISNA, or the Missionary International Service News Agency, provides daily news ‘from, about and for’ the 'world’s Souths', not just in the geographical sense, since December 1997.

2 thoughts on “Nigeria: Central Bank Warns Economy Too Dependent On Oil

  • March 8, 2012 at 10:15 pm
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    One of the biggest problems in Nigeria is still corruption.. the biggest share of the crude oil profits is flowing right into the pockets of certain government officials. The oil is a big gift, in the right hands the profits could finance the optimization of the infrastructure and other important investments in order to stabilize and build up Nigeria’s economy.

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