Nigeria’s economy on right tract, says CBN

August 14, 2021
19 Views

Dr Hassan Mahmud, Director, Monetary Policy Department of the Central Bank of Nigeria (CBN) said there were positive sides to Nigeria’s economic growth, despite uncertainties in the domestic and global economy.

Mahmud said this at the Mid-year Economic Review and Outlook 2021, organised by the CIBN Centre for Financial Studies, in collaboration with B. Adedipe Associates, on Friday in Lagos.

He said if policy challenges with exchange rates, insecurity, among others, were addressed effectively, the country would start seeing some positive projections into 2021 and the beginning of 2022.

“Also, if the CBN forecasts for GDP growth are sustained and there is improved vaccination and the health hazards and lockdowns are not resurfacing, we will see GDP getting close to three per cent by the end of 2021.

“We will also see the inflation number coming down less than 13 per cent by the end of the year and further down to the NBS projection of single digit by 2022 or the middle of 2022.

“We will start seeing a downward trend in inflation numbers particularly, headline inflation,” he said.

Mahmud added that food inflation should also go down substantially if the supply side of it was addressed and security issues abated.

He said inflows should also improve substantially over the rest of the year given that market confidences were already building, particularly, in the financial sector.

Dr Biodun Adedipe, Chief Consultant of BAA Consult, said if the oil sector was positive in terms of prices and production volume and export volume, it would go a long way in driving growth.

“At BAA, our projections for Nigeria economic growth for 2021 had remained 2.54 per cent since February and we have maintained it so.

“If the prognosis, the oil sector in Nigeria is positive in terms of price, production volume and export volume, that goes a long way in driving growth and changing some of what we see as headwinds and risks,” he said.

Earlier, Dr Bayo Olugbemi, CIBN President, said the event was the brainchild of the CIBN Research Committee.

He said it was aimed at providing insights for business leaders and key decision makers, who had responsibility to deliver on specific mandates irrespective of the prevailing uncertainties and disruptions in the Nigerian economy.

“There is a strong need for further guidance to help individuals and businesses make informed and strategic decisions that will help them weather the storm,” said Olugbemi.

You may be interested

BBNaija: ‘Don’t Touch Me Again’ – Angel Warns Cross
News
9 views
News
9 views

BBNaija: ‘Don’t Touch Me Again’ – Angel Warns Cross

Webby - September 15, 2021

Angel BBNaija housemate, Angel has jokingly warned Cross to henceforth keep his hands off her body since he wants them…

Knife-wielding Man Arrested Outside Ariana Grande’s Los Angeles Home
News
8 views
News
8 views

Knife-wielding Man Arrested Outside Ariana Grande’s Los Angeles Home

Webby - September 15, 2021

Ariana Grande The Los Angeles Police have arrested a knife-wielding man who was seen outside of singer Ariana Grande's Hollywood…

Omah Lay’s Girlfriend Reacts After Singer Ended Relationship Few Hours After Flaunting Her On Social Media (Video)
News
8 views
News
8 views

Omah Lay’s Girlfriend Reacts After Singer Ended Relationship Few Hours After Flaunting Her On Social Media (Video)

Webby - September 15, 2021

Omah Lay and girlfriend, Raychee  Omah Lay’s girlfriend, Raychee has begged God for help after the singer ended their relationship…

Leave a Comment

Your email address will not be published.