Connect with us


‘Nigeria will surpass IMF’s growth projection,’ says pro-Buhari group



niyi Akinsiju

The Buhari Media Organisation (BMO) said on Sunday Nigeria would surpass the International Monetary Fund (IMF) growth projections for the economy.

The Bretton Woods institution had earlier in the week projected a 2.6 percent economic growth for Nigeria this year and 2.7 percent for 2022.

In a statement signed by its Chairman Niyi Akinsiju and Secretary, Cassidy Madueke, the group said its optimism on the country’s economic growth was based on current policies being deployed by the Federal Government in all sectors.

The statement read: “This is not the first time that IMF is making such projections, but Nigeria never ceases to disappoint it by recording higher economic growth.

“In 2019, IMF had projected a 2.1 percent economic growth for Nigeria, but against its prediction, Nigeria recorded real growth of 2.27 percent in the Gross Domestic Product (GDP).

“In like manner in 2021, IMF also projected that Nigeria’s economy would fall by 5.4 percent due to the COVID-19 pandemic.

“It later reversed its projection to 4.3 percent, but contrary to that, Nigeria recorded 1.8 percent.”

READ ALSO: IMF projects Nigeria’s economy to grow by 2.7% in 2022

The group noted that IMF had earlier this year predicted a 2.5 percent growth for Nigeria but later reviewed it to 2.6 percent.

It added: “It is no longer news that under President Muhammadu Buhari, the non-oil sector was picking up as seen in its contribution to the GDP.

“The National Bureau of Statistics (NBS) report for the first and second quarters of 2021 showed that the non-oil sector accounted for 90.75 percent of aggregate GDP in the first quarter and 92.58 percent in the second quarter.

“NBS also noted that this growth was driven mainly by trade, information, and communication: mainly telecommunications, transportation, electricity, crop production, and manufacturing.

“This is the diversification that President Buhari has been emphasising and even IMF cannot deny the fact that it is working and capable of driving our economic growth.”

Join the conversation


Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now