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Nigeria will surpass IMF, FG’s GDP growth forecast of 2.6 %, 3 % – BMO

President Muhammadu Buhari
President Muhammadu Buhari

There has been a challenge to both the International Monetary Fund (IMF) and the Federal Government of Nigeria’s projection for the country’s Gross Domestic Product (GDP) growth for 2021.

The Buhari Media Organisation (BMO) says the country’s GDP growth for 2021 will surpass both predictions. While IMF predicted 2.6 per cent growth, the Federal Government put it at 3 per cent.

According to the group, quoting figures from the Nigeria Bureau of Statistics (NBS), our GDP stood at 4.0 per cent in the third quarter of 2021 from 5.01 per cent in the second quarter, as against IMF prediction of 2.56 per cent growth.

In a statement signed by its Chairman Niyi Akinsiju and Secretary Cassidy Madueke, BMO said the Federal Government forecast 3 per cent for the same period, “but, based on several positive indicators, the country’s GDP will indeed exceed the IMF projection of 2.6 per cent and the government’s 3 per cent at the end of the year 2021.

“We believe that Nigeria’s aggregate GDP growth will surpass both projections based on the various proactive and progressive economic measures put in place by the President Muhammadu Buhari administration.

“It will be recalled that the Covid-19 pandemic had plunged many countries’ economies towards a downward GDP trajectory, with Nigeria being no exception.

“We however note that the country’s economy had shown some resilience even before the pandemic, and following the various economic measures enunciated by the Buhari administration; among them, the Economic Sustainability Plan (ESP), the country was able to withstand the shocks of the COVID-19 pandemic, and its economy remained even more resilient and productive till today.

“We believe that President Muhammadu Buhari’s foresight early in his administration to promote the diversification of the country’s economy equally helped the country’s economy to withstand the after-effects of the global shutdown due to the Covid-19 pandemic for the greater part of 2021.

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“We also see the upward rise in the GDP growth of Nigeria as a positive sign that the economic policies of the Buhari administration are working, and soon Nigerians will start reaping the benefits inherent in them”.

The group commended the Buhari administration for the prudent and transparent management of the country’s economy, which it believes has saved the country from the calamitous effects of the COVID-19 pandemic.

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