Nigeria’s economy expanded the most in four years in 2019 as oil output increased and the central bank took steps to boost credit growth.
Gross domestic product expanded 2.27% last year, the most since 2015, the Abuja-based National Bureau of Statistics said on its website on Monday. The economy grew 2.55% in the three months through December from a year earlier, compared with 2.3% in the third quarter. The median estimate of four economists in a Bloomberg survey was for a quarterly number of 2.21%.
West Africa’s largest economy has been struggling to recover meaningfully from a 2016 contraction and last year the central bank started stepping in to boost output. Hamstrung by high inflation the monetary policy committee reduced its key lending rate only once in 2019, but institution announced increases in the loan-to-deposit ratios for banks to force lenders to give out more credit…
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