Economic growth in Nigeria, Africa’s biggest crude producer, is projected to slow to 5.5 percent this year after oil prices plunged, the statistics office said. Gross domestic product growth is set to decelerate from an estimated 6.2 percent last year, the National Bureau of Statistics said in a report on its website. The economy is forecast to expand 5.8 percent in 2016 and 5.8 percent in 2017. “The decline in crude oil prices is a downside to the economy in both the short and medium term,” the agency said. “The crude oil price shocks, the resulting declining government expenditure and its multiplier effects are likely to impact businesses.” Oil prices have plunged more than 50 percent since June, curbing export revenue in Africa’s biggest economy, forcing the government to cut back on spending and prompting the central bank to devalue the naira as foreign-currency reserves slumped. The […]