Nigeria To Maintain Positive Macro-Economic Indices In 2013

Nigeria is set to maintain positive macro-economic indices in 2013 and that’s according to some economic analysts.

They expect to see higher growth, higher equity valuations, robust reserves accretion, firm oil prices and slightly lower inflation next year.

The nation’s GDP growth is expected to recover moderately to above 7.0 per cent in 2013 from 6.6 per cent in 2012, with FBN Capital forecasting 7.3 per cent real GDP growth next year.

Data from the Central Bank of Nigeria (CBN) shows Nigeria’s foreign reserves which has moved in tandem with higher oil prices up to 34.9 per cent, reaching $44.4 billion on December 17.

FBN Capital forecasts foreign reserves to close 2013 at $48 billion, up by 9 per cent from its current levels.

Renaissance Capital, Sub-Sahara Africa economist, Yvonne Mhango forecasts the Naira to close slightly down at N161 per dollar at year end 2013.

Inflation is expected to reach single digit in the first quarter of 2013, on the back of high base effects in the data time series, but to drift higher later in the year and average 11.4 per cent in 2013, from a twelve month average change of 12.1 per cent as at November 2012.