Nigeria’s economy beats IMF’s projection, grows by 2.27 per cent
- At least for once, the International Monetary Fund (IMF) was wrong about Nigeria's economy
- The global financial body had projected that the country's GDP would grow by 2.1% in 2019
- But official reports from the National Bureau of Statistics (NBS) revealed that Nigeria's economy grew by 2.27% in 2019
The Gross Domestic Product (GDP) of Nigeria has been reported to have increased by 2.27% in 2019, according to the National Bureau of Statistics (NBS).
This is contrary to the initial projection of the International Monetary Fund (IMF) that the country's economy would grow by only 2.1% within the same year, The Cable reports.
However, in a post by Legit.ng, the federal government had admitted that Nigeria’s economy had “gone down.”
This was stated by the minister of labour and employment, Chris Ngige on Tuesday, February 18, when he hosted the United States of America Ambassador, Mary Beth Leonard.
Ngige also spoke on the economic downturn, said Nigeria made a mistake depending on a single revenue source for decades.
His words: “Our economy has gone down; we know we made the mistake of relying on products, petroleum. When petroleum prices loop down, we had some insurgency in the area of production in Niger delta, our earning concomitantly, had to go down.”
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Speaking on the federal government's diversification policy, Leonard said that there was a need for the skill set of Nigerians to be effectively harnessed and internationalised.
She called on the Nigerian government to capture the entrepreneurial spirit in the informal sector by bringing it into the formal sector service to enhance employment generation in the country.
The Buhari administration had since been promoting the diversification of the economy to curb the massive unemployment in the country.
The government said it was more serious about achieving inclusive economic growth through diversification and focus has shifted away from oil and towards the industries.
A Nigerian professor of political economy and management expert, Pat Utomi, however, said the majority of Nigerians had lost hope in the country and had already given up.
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Source: Legit.ng
