Nigeria’s Economy Improves by 7.5 Per Cent
 30th NOV 2006

The state of the nation’s economy on Wednesday dominated proceedings at the meeting of the Federal Executive Council (FEC) as the Governor of Central Bank of Nigeria (CBN), Prof Charles Soludo briefed the Council on progress made so far; declaring that for the first time, the Gross Domestic Product (GDP) had risen by 7.5 per cent. Minister of Information and National Orientation, Mr Frank Nweke, who briefed journalists on the outcome of their deliberations, announced the Council’s approval of a $180 million credit facility from the World Bank. Six states, namely Kano, Bauchi, Rivers, Anambra, Jigawa and Akwa-Ibom are receiving the facility under the World Bank’s initiative to fight malaria. It is tagged the "Malaria Plus Intervention Package." The CBN governor also told the Council that the latest economic indicators show that inflation rate has significantly dropped to 6.5 per cent.

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