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IMF Says Nigeria’s Economy May Contract by 1.8% in 2016
LAGOS, Nigeria, Capital Markets in Africa: Africa’s largest economy will probably contract by 1.8 percent this year and curb growth in the entire region, according to the International Monetary Fund. The Washington-based lender cut its 2016 growth forecast for Nigeria from 2.3 percent projected in April, according to its World Economic Outlook update released on Tuesday. The projection for next year was reduced to 1.1 percent from 3.5 percent. The Nigerian economy will contract for the first…
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