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. “