Politics

BMO: Nigeria will surpass IMF growth projection

Buhari Media Organisation (BMO)

The Buhari Media Organisation (BMO), has described the International Monetary Fund (IMF’s) projections of 2.6 per cent economic growth in 2021 and a 2.7 per cent growth in 2022 as yet another set of predictions that Nigeria will surely surpass.

The group, while reacting to IMF’s projections, expressed confidence that as a result of the current policies being deployed by the Federal Government on the economic front, Nigeria will once again exceed these projections.

In a statement signed by its Chairman Niyi Akinsiju and Secretary Cassidy Madueke, the group said that “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 per cent economic growth for Nigeria, but against its prediction, Nigeria recorded real growth of 2.27 per cent in the Gross Domestic Product (GDP).

“In like manner in 2021, IMF also projected that Nigeria’s economy would fall by -5.4 per cent due to the COVID-19 pandemic, it later reversed its projection to -4.3 per cent but contrary to that, Nigeria recorded -1.8 per cent.

“And earlier this year, it predicted a 2.5 per cent growth, now it is projecting a 2.6 per cent growth but we are sure that Nigeria will surpass both”.

BMO added that “though we don’t totally agree with the projections which we consider low, however, we are glad that IMF acknowledged the performance of the non-oil sector and its contributions to GDP which it stated as one of the driving forces for the projected growth alongside higher oil prices”.

It is no news that under President Muhammadu Buhari, the non-oil sector is picking up as seen in its contribution to 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 per cent of aggregate GDP in the first quarter and 92.58 per cent 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 diving our economic growth”.

BMO noted that President Buhari will not relent in his efforts at building upon the country’s economic gains to build a more resilient economy. “And this is why we are confident that Nigeria will again beat IMF’s economic growth projections”.

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