IMF sees Nigeria Economy Picking Up in 2013

{{Economic growth in Nigeria is likely to rise above 7 % in 2013 with inflation slowing below double digits, the International Monetary Fund said on Thursday.}}

In its 2012 review of Africa’s second largest economy, the IMF projected that the pace of growth would pick up to 7.2% this year from 6.3 percent in 2012.

It said Nigeria’s tightening of monetary policy was in line with the authorities’ efforts to contain inflation below 10%. The IMF also estimated that Nigeria’s currency, the naira, was “broadly in line with fundamentals”.

Nigeria’s central bank held rates at 12% last week for the ninth consecutive time, citing concerns about ongoing external price pressures.

Nigerian consumer inflation rose to 9.5% in February from 9% in January, staying within the central bank’s single digit target. Food prices rose to 11%.