EIU predicts 2.5% economic growth forecast for Nigeria on increasing oil output

The Economist Intelligence Unit (EIU) at the weekend revised Nigeria’s 2024 economic growth forecast figures from 2.2 percent to 2.5 percent on the back of the country’s rising crude oil output. In its latest country report, the organization stated that aside from premising the prediction on higher-than-expected crude output, it is also based on earlier-than-expected production from the new mega-refinery in Nigeria. According to the EIU, hydrocarbons generate about 50 percent of the government’s revenue and more than 80 percent of export receipts but explained that agriculture and services dwarf the industry’s contribution to the Gross Domestic Product (GDP).