CBN expects 2.38% GDP growth by Q4

The Central Bank of Nigeria (CBN) expects to achieve 2.38 percent Gross Domestic Product (GDP) growth rate in the fourth quarter of this year, the bank deputy director said on Tuesday.

The apex bank said the GDP growth target would be an improvement over the third quarter growth rate of 2.28 percent.

Dr. Hassan Mahmoud, the CBN Deputy Director, Financial Policy and Regulation Department, disclosed these in Yola, Adamawa, at the 2019 workshop for financial journalists sponsored by the Nigeria Deposit Insurance Corporation (NDIC).

He said: “If you are looking at the 1.1 percent that we did in 2015/2016, and 2.28 percent that we did in the third quarter of 2019, we will see that we have really moved substantially.

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“It is difficult to sustain positive rate GDP growth rates and we are projecting that by the fourth quarter of 2019. We are going to be doing 2.38 per cent, that is CBN projection. The IMF is projecting same growth of 3.31 percent.

On the wide gap between lending and saving rates in banks, the CBN director said that was dependent on customers’ negotiation skills.

“It is the responsibility of CBN and NDIC to ensure that customers were not ripped off by the excesses of banks,” he added.

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