Nigeria Records Economic Growth In 2011

The African Economic Outlook 2012, a joint annual
publication launched on Thursday has described Nigeria’s economic growth in
2011 as “robust.’’

The 291-page book was jointly published by the UN Economic
Commission for Africa (UNECA), the UNDP, the African Development Bank Group,
the Organization of Economic Cooperation and Development.

The book, which was presented in Addis Ababa by Prof.
Emmanuel Nnadozie, the Director, Economic Department and NEPAD division, UNECA,
said Nigeria’s outlook for the future remained favourable.

It said the robust growth recorded was driven mainly by
non-oil sector, in particular telecommunications, construction, wholesale and
retail trade, hotel and restaurant services, manufacturing and agriculture.

“To mitigate the negative impacts of the global economic
crisis, the government pursued an expansionary fiscal policy to maintain growth
and social sector spending that led to pressure on consumer prices.”