Saturday, January 28, 2012

Non Oil Sector to Boost Economy in 2012, According to Report

The Moment
27 January 2012

THE national economy is set to receive the biggest boost from non oil sector in 2012.

According to a poll conducted by Reuters, non-oil sector, including telecommunications, wholesale and retail trade, and construction, will attract the most investments into the country this year.

The poll also forecasts that the economy would grow by seven per cent, as there would be solid performance in the sectors outside of the petroleum sector, which has been the major foreign exchange earner for the country for more than three decades.

'We expect to see strong growth in Nigeria, bolstered by robust expansion in the non-oil sectors, particularly retail, telecoms and construction,' said Gregan Anderson of London-based risk consultancy Business Monitor International.

The poll confirmed the predictions by industry analysts who said that investments in non-oil sectors would continue to dominate the economy following the on-going structural reforms by the Federal Government.

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