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Vol 40 No 3

Published 5th February 1999


Nigeria

Who's counting?

Talks between Abuja and the IMF reveal an even grimmer economic picture this year

Nigeria's politicians, soldiers, bankers, farmers, taxi drivers and creditors all know that the economy is weaker than at any time since Independence in 1960. Indeed, the figures agreed between officials in the International Monetary Fund and Nigeria's Finance Ministry in their recent negotiations show an even more alarming picture than has been publicly acknowledged so far. In his 4 January budget, Nigeria's head of state, General Abdulsalami Abubakar, hoped the ailing economy would grow by at least 3 per cent this year, despite plunging world oil prices.

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