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Central Bank Of Nigeria Annual Report And Statement Of Account For The Year Ended 31st December 1981, Central Bank Of Nigeria
Central Bank Of Nigeria Annual Report And Statement Of Account For The Year Ended 31st December 1981, Central Bank Of Nigeria
CBN Annual Report
In 1981, Nigeria's economy experienced a 7.9% decline in industrial production, primarily due to a decline in mining production, particularly petroleum. Manufacturing output increased by 5.7%, while agricultural production showed some improvement. Inflation worsened, with the composite consumer price index rising by 20.8%. Monetary expansion slowed down, but a 5.6% increase was recorded at the end of the year. The aggregate banking system's credit to the economy increased by 5.8%, with the Federal Government budgeting for current services. The external sector experienced a large balance of payments deficit, resulting in a drawdown of the nation's reserves. The world economy slowed …