Ghana, Four Other 'Small' African countries Economy to grow Faster than Nigeria's in 2022- IMF

Ghana, Four Other 'Small' African countries Economy to grow Faster than Nigeria's in 2022- IMF

  • The federal government projects that the economy will rise by 4.2 percent in its recently signed 2022 budget
  • However, IMF believes it will in-fact grow by 2.7 below the expected average of 3.8 percent for Sub-saharan countries despite Nigeria's economy size
  • IMF also went further to list Ghana and other four African countries as economies with better economy growth than Nigeria

Nigerian economy will grow according to the International Monetary Fund(IMF) but not any where near the best African countries in 2022.

The countries are Rwanda, Benin Republic, Seychelles, Ghana, Senegal all predicted to have an astronomical growth in 2022.

According to IMF, the five countries economies will grow faster that the sub-saharan African growth average of 3.8 percent in 2022.

Size is not everything: These five small African countries will grow faster than Nigeria's in 2022- IMF
Many Nigerians will be hoping for a better 2022 Credit: aderf
Source: Getty Images

IMF says Rwanda will hit 7 percent in 2022 while Benin Republic economy will increase by 6.5 percent.

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Seychelles a tourism driven economy will see a 8 percent growth as more and more persons get vaccinated around the world and decided to go on holidays.

Ghana and Senegal economies will also record a growth rate of 6.2 percent and 5.5 percent respectively in 24 months of 2022.

Nigeria's economy growth projection for 2022

Nigeria economy according to IMF is expected to grow by 2.7 percent just a little higher than the 2.6 percent it predicted for 2021.

The Washington based institution cited the recovery in non oil sectors and rising price of crude oil as drivers of this slightly upward growth.

Nigerian government expected growth

However, Vanguard reports that the 2.7 percent growth projected by IMF for Nigeria in 2022 represents 1.5 percentage points below the 4.2 per cent growth projected for 2022 by the Federal Government in its Draft 2022 to 2024 Medium Term Fiscal Framework and Fiscal Strategy Paper (MTFF/FSP).

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“In 2022, we are expecting an uptake to 4.2 per cent, then a dip to 2.3 per cent in 2023 and up to 3.3 per cent in 2024,” said Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed at the public consultation on the Draft 2022 to 2024 MTFF/FSP.

Nigeria's debt has grown threefold in seven years, activist says has also reported that Rights activist, Chidi Odinkalu, has said Nigeria’s debt profile has increased three times in the last seven years, that is since Muhammadu Buhari mounted the saddle as Nigeria’s president.

Odinkalu said this in a tweet but did not expatiate as he only provided an undated chat from the Nigeria Bureau of Statistics (NBS).

Odinkalu may not be an economist but available data from Debt Management Office (DMO) says Nigeria’s debt profile has soared to about N35.65 trillion recently because of increased borrowing by Buhari's government.

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