FG disagrees with World Bank, says economy will grow by 3.01% in 2019

FG disagrees with World Bank, says economy will grow by 3.01% in 2019

- The federal government projects that the economy will rise by 3.01% in 2019

- This is contrary to World Bank's own that the it will grow by 2.2%

- According to the minister of budget and national planning, this growth will lift many Nigerians out of poverty

The minister of budget and national planning, Udoma Udo, has disagreed with the World Bank’s forecast that the economy will grow by 2.2% in 2019, saying it will grow by 3.01%.

The Cable report that Udoma made this revelation at the Deloitte Dialogue on Nigeria’s Economic Outlook for 2019

He explained that inflation is expected to trend downwards to single digit of 9.98% in 2019 from 11.44% as at December 2018.

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He noted that this will be possible “with the improved coordination of fiscal and monetary policies, exchange rate stability, improved oil export earnings and capital inflows, as well as the continuation of the current prudent management of foreign exchange reserves by the CBN.

“Government is committed to growing the economy, and accordingly the 2019 Budget Proposal has been designed to continue to provide the stimulus and support required to spur growth in the economy.”

He said though the current real GDP growth performance is still a little sluggish, because the country is just recovering from recession, it however indicates a positive momentum, especially with regard to the growth of the non-oil sector.

“Our aim is to take all measures necessary to ensure that we increase the growth rate whilst maintaining fiscal sustainability," he added.

The minister said President Muhammadu Buhari has directed the NNPC to work hard in order to achieve the 2.3mbpd budget target in oil production.

He said: “The ERGP Oil production target for 2019 is 2.4mbpd, NNPC production submission is 2.45mbpd. We have revised the ERGP target and NNPC forecast downwards to 2.3mbpd for the 2019 Budget proposal.

“The Scheme seeks to leverage private sector capital for the development and refurbishment of road networks in industrial clusters and key economic areas in the country.

“It entitles private investors to full recovery of the cost incurred on the road project(s) in the form of a Road Infrastructure Tax Credit which can be utilized against participants’ future CIT payable to the Federal Government.

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“Efforts to improve hard infrastructure will be complemented by expanding reforms in the ease of doing business. We will continue to remove obstacles, reduce costs and ensure timely delivery of services so as to improve the environment for the private sector.”

Meanwhile, Alhaji Aliyu Idris-Ibrahim, council chairman, Zaria local government of Kaduna state on Sunday, February 3, said re-electing President Muhammadu Buhari would guarantee brighter future for Nigeria.

Idris-Ibrahim made the observation during the presentation of certificates to contractors awarded infrastructure projects in Tudun Wada ward of Zaria.

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