• Sunday, May 19, 2024
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Mineral sector’s investment to drive Nigeria’s growth in 2014 –IMF


 The International Monetary Fund (IMF) has said that Nigeria will grow by 7 percent in 2014 driven by investments in its mineral’s sector.

The IMF said countries like Ghana, Guinea, Liberia and Sierra Leone would also continue to attract investments because of their mineral’s sector.

The body, in its 2012 review of Nigeria, had projected that the pace of economic growth in the country would pick up to 7.2 percent this year from 6.3 percent in 2012.

in the country would pick up to 7.2 percent this year from 6.3 percent in 2012.

“In Nigeria, the rebound from the floods and implementation of power sector reform will boost growth in 2013,” the IMF said.

According to it, foreign direct investment inflows to sub-Saharan Africa are projected to increase to record levels each year over the next three years, reaching N8.5 trillion or $54 billion (£35 billion) by 2015. This compares with $37.7 billion last year.

But the World Bank economists cautioned that high and a dependence on mining and mineral exports in many countries had actually dampened the poverty-reducing effect of income growth. Countries rich in natural resources, such as Gabon, Equatorial Guinea and Nigeria performed less well than those lacking this apparent head start.

However, Sub-Saharan Africa is expected to continue growing at a strong pace during 2013–14, with both resource-rich and lower-income economies benefiting from robust domestic demand.