Despite IMF’s Forecast, Nigeria Economy To Grow 2.2 Per cent in 2017 Says FG

[dropcap]T[/dropcap]he federal government expects the economy to grow 2.2 percent this year, according to a strategy document cited by Reuters on Thursday.

The 2018-2020 Medium Term Fiscal Framework and Strategy Paper, to form the basis for its 2018 budget, projects spending of 7.94 trillion naira ($21.75 billion) next year, up 6.7 percent from the sum budgeted for 2017. The document was dated July 27.

The International Monetary Fund on Wednesday said it expects Nigeria’s economy to grow by 0.8 percent this year, with threats to growth remaining elevated.

The Central Bank of Nigeria (CBN) has assured Nigerians that the current recession they are facing would end before the end of the year, even as it blamed overdependence on importation for the problem.

CBN Governor, Godwin Emefiele, said “In January 2017, inflation was 18.8 per cent, it is now down to 16.24 per cent. Last quarter, which was fourth quarter of 2016 growth, was negative 1.72 per cent. First quarter of 2017 growth had improved to negative 1.52 per cent.

“What that means is that we have an improvement in growth by about 1.2 per cent. If we see another 1.2 per cent growth in the second quarter we are out of recession.”