Nigeria: Growth rates highlight problems of reforming economy

Depressed oil prices throughout much of 2017 were a drag on the Nigerian economy, producing low growth numbers (0.7% in real terms, having contracted by 1.6% in 2016) that gave economists – and Nigerian consumers – much to be gloomy about. Coupled with problems in sub-Saharan Africa’s other big economy, South Africa, Nigeria’s lacklustre showing pulled down the whole region’s growth – which was the weakest reported for sub-Saharan Africa since the global financial crisis struck. Higher oil prices in 2018 will give a boost, but political issues will continue to weigh heavily on economic policy.