Nigeria’s economic growth is likely to rebound in 2013 to an average of 7 per cent, that’s according to the Financial Derivatives Company (FDC) monthly economic report.

The nation’s Gross Domestic Product (GDP) expanded to 6.48 per cent in the third quarter of 2012 over the previous quarter.

According to the report released on Tuesday, the anticipated growth is expected to be driven by improved power supply, new investments in the petroleum sector and increased agricultural productivity amongst other factors.

The report expects that the Central Bank of Nigeria (CBN) would consider moving to a more accommodative monetary stance, but it however warned that if the budget impasse between the President and the National Assembly over the increased benchmark of $79 per barrel is not resolved, the CBN may have no alternative but to retain its current Monthly Policy Rate (MPR) at 12 per cent between the first quarter and first half of the year.

The CBN will hold its first monetary policy meeting for the year on Monday, January 21st to Tuesday 22nd.

The FDC however called for direct government intervention in infrastructure, security, environment, public schools and hospitals as well as other areas in which there are evident cases of market failure.