Boko Haram’s Displacement of Northern Farmers Affecting GDP Growth – Sanusi
In a communique released from the Monetary Policy Committee (MPC) after its 83rd MPC meeting, Governor Sanusi blamed the terrorist activities of Boko Haram for affecting the agricultural output of the country and slowing down GDP growth.
The communique reads, “the huge drop in agricultural output was traced to the following factors: displacement of farmers in the northern part of the country owing to security situation, inadequate rainfall and increased production cost due to the partial removal of fuel subsidy in January 2011. It also noted the decline in oil and gas production and the recent revelation by the oil Minister of the loss of over US$7 billion of revenues due to oil theft.”
Recently the IMF forecasted a drop of 18% in the Nigerian GDP from its earlier forecasts.
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