Does Loan Scheme Lend Itself To Growth?

May 2006 | Industry Forecast

BMI's forecasts for the Nigerian economy indicate that overall economic growth was 5.5% in real terms in 2003, rising to 6.1% in 2004 and an estimated 7.0% in 2005. However, we forecast a downturn in GDP growth, with 3.9% in 2006 and 3.8% in 2007 due to an anticipated fall in the price of oil. The current account, boosted by oil revenues, will remain in surplus but will fall from US$9.4bn in 2005 to US$6.8bn in 2007. However, the effects of falling GDP growth on the automotive industry will be offset by the government's car loan programme and a reduction

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