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Entral Bank Of Nigeria Annual Report And Statement Of Accounts For The Year Ended 31st December 1989, Central Bank Of Nigeria
Entral Bank Of Nigeria Annual Report And Statement Of Accounts For The Year Ended 31st December 1989, Central Bank Of Nigeria
CBN Annual Report
The Nigerian economy showed improvement in 1989 compared to 1988. Economic Growth: Gross Domestic Product (GDP) increased by 4.0%, driven by growth in agriculture and industry. The overall balance of payments moved from a deficit to a surplus, largely due to a significant increase in crude oil exports. The unemployment rate declined slightly, with more jobs created through government programs. Nigeria's external assets increased significantly, reflecting a deliberate policy to build official reserves. Inflation: Despite some improvement, inflationary pressures remained high, with domestic prices rising by 40.9%. Stagnant Manufacturing: Manufacturing production grew at a slow pace due to high production …