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The Nigerian economy gained some traction towards the end of last year, with real GDP growth rising to 1.9% y-o-y in Q4 from 1.4% y-o-y in Q3. The agricultural sector performed especially well, with a ramp up in industrial output still representing a key growth driver. Positively, the services sector expanded following six consecutive quarters of contractions, possibly hinting at a slight rebound in demand. However, downside risks have mounted, ascribed to weak policy contributing to fuel shortages and budget delays. For the time being, we still see GDP growth rising to 2.6% in 2018 and an average of 3.8% during 2019-20.

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