Nigeria’s Economy to Grow by 3% in 2019 -CBN

• Nigeria’s Economy to Grow by 3% in 2019 -CBN

The Central Bank of Nigeria has refuted the recent projection that the Nigerian economy will contract in 2020 given current economic standing, rather the apex bank projected a growth rate of three percent in 2019.

Dr Joseph Nnanna, the Deputy Governor, Financial System Stability, CBN, who represented the Governor of the CBN, Mr Godwin Emefiele, at the presentation of the 2019 Regional Economic Outlook by the International Monetary Bank, stated during his presentation.

Nnanna said the nation is expected to grow at about three percent in 2019, saying still low when compared to the population growth rate of 3.2 percent.

He said, “Are we going to witness increased inflation or are we sliding back into recession? My answer is no. We are making smooth progress towards growth and by the end of 2019, all things being equal, we are likely going to have between 2.8 and three percent Gross Domestic Product growth rate.

“But is that adequate? My answer is no. Three per cent GDP real growth rate is not enough for Nigeria where our population growth rate is 3.2 per cent. So, per capita growth rate is still negative, but definitely, we are not going through the era of 2016 when we had a recession. That won’t happen. Hopefully, not under the CBN’s watch.

“We will grow, unlike in 2016 when we slid into recession. We are going to maintain the policy interest rate in real terms.”

Dr Mohammed Dikwa, the Permanent Secretary Special Duties, Ministry of Finance said the government has no immediate plan to control the nation’s population.

He said, “As of now, the government is not even sure to make any policy to control population growth. We won’t have much problem with the population growth for now; but if the need be, the government has every right to look into it and make consultations for us, including state governments, on what to do.”