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Still dependent on oil

Standard Bank expect the Nigerian economy to grow by 2.5% y/y in 2018. Admittedly, this acceleration would depend on the oil sector, which makes up 10% of economic activity and also indirectly affects 65% of the economy, especially when oil prices and production rise. That said, they saw some signs of macroeconomic rebalancing in 2017, enough to make us see upside risks to our base growth forecast.