Nigeria rejects IMF’s economic growth forecast

Nigeria’s economy will grow by 3.1% according to the Minister of Budget and National Planning
International Monetary Fund (IMF) Managing Director Christine Lagarde (L) gestures as she speaks with the Governor of the Central Bank in Nigeria Godwin Emefiele during her visit to the bank’s headquarters in Abuja, on January 6, 2016. – Africa’s biggest economy Nigeria, battling a revenue shortfall caused by the global oil shock, does not need assistance from the International Monetary Fund, Lagarde said on January 5. (Photo by PHILIP OJISUA / AFP)

Nigeria’s Minister of Budget and National Planning, Senator Udo Udoma, says the country’s economy will grow by 3.01 per cent in 2019, compared to a forecast of two per cent by the International Monetary Fund.

According to the IMF’s World Economic Outlook Update, published in January, Nigeria’s economy is projected to expand slower in 2019 by 2 per cent than the previous 2.3 percent predicted against the backdrop of the recent drop in global crude oil prices.

Speaking on Nigeria’s Economic Outlook for 2019 in Lagos, ,Udoma said the proposed 2019 budget was intended to further reposition the economy on the path of faster, inclusive, diversified and sustainable growth as well as to continue to lift significant numbers of Nigerians out of poverty.

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According to the Minister, with the improved coordination of fiscal and monetary policies, exchange rate stability, improved oil export earnings and capital inflows, as well as the continuation of the current prudent management of foreign exchange reserves by the Central Bank of Nigeria, the country’s inflation rate is expected to trend downwards a single digit of 9.98 per cent in 2019 from 11.44 per cent recorded in December 2018.

 “Government is committed to growing the economy, and accordingly the 2019 Budget Proposal has been designed to continue to provide the stimulus and support required to spur growth in the economy,” he said.

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The minister noted that although the current real GDP growth performance is still a little sluggish, adding that the country was recovering from a recession, he stated that it indicates a positive momentum, especially with regards to the growth of the non-oil sector.

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