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BMO faults World Bank, IMF projections, says 2.9% economic growth achievable

The Buhari Media Organisation (BMO) on Wednesday faulted the forecasts by the World Bank and the International Monetary Organisation (IMF) on Nigeria’s 2020 economic growth, which both Bretton Woods institutions had put at 2.1 percent and 2.5 percent respectively.

The organization said in a statement issued by its Chairman, Niyi Akinsiju and Secretary, Cassidy Madueke, that the Federal Government’s estimate of 2.9 percent growth is achievable irrespective of the IMF’s and the World Bank’s stances.

It said measures taken by the federal government to enhance the predictability of economic policies had yielded positive results in the past.

The statement read: “while respecting the international institutions on their projections, we want to make it clear that they cannot have access to our primary sources of information and data, no agencies or organisations can stay outside our territory and make conjectures from secondary data and information.

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“The federal government had taken a global look at all indicators with the economic environment and it is better able to project the 2.9 percent for the year 2020, taking into account several policy deployments that lifted us out of recession. From -1.3 percent GDP, we were able to move to 0.8 percent and 1.9 percent, moving by 1.1 percent growth within a space of one year and also from 1.9 percent to 2.3. This shows we are strongly moving”.

In the opinion of the BMO, the nation has recorded some feats, noting that the current reforms put in place by the government will guarantee Nigeria’s Gross Domestic Product (GDP) growth rate, sustain it and boost the country’s GDP to population growth rate.

It added: “Nigeria has seen a progressive increase in GDP since we exited recession. Our economy has shown a capacity for growth. Growth might appear slow now, but the economy has shown capacity for continuous growth; from 0.8 percent in 2017 to 1.9 percent in 2018 and an average of 2.0 to 2.3 percent in 2019. We are sure that in the year 2020, with all the policies being set out by the federal government, our GDP growth will be at 2.9 to 3 percent.”

Ronald Adamolekun

Ronald Adamolekun is a creative writer with a mixed bag of experience in fields as diverse as data journalism, financial reporting and editing.
Ronald Adamolekun

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Ronald Adamolekun

Ronald Adamolekun is a creative writer with a mixed bag of experience in fields as diverse as data journalism, financial reporting and editing.

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