The Yemi Cardoso-led Central Bank of Nigeria, CBN, has predicted and economic growth of over four percent for Nigerian in the current year. The government bank said the figure is based on the recent realities which show that the economy is gradually picking up.
The apex bank made this known on Tuesday, saying it expected the economy to grow by 4.17 percent, the News Agency of Nigeria, NAN reports.
The Deputy Governor of the CBN, Economic and Policy Directorate, Muhammad Abdullahi made the disclosure yesterday during the 11th edition of the National Economic Outlook event orgainsed by the Chartered Institute of Bankers of Nigeria, CIBN, and others.
The projection is however different from that of the World Bank which had earlier predicated an economic growth of over percent for Nigeria.
The apex bank said the projected growth is however dependent on the effective manaement of noth fiscala and monetary policies by the federal government, noting that sustained implementation of government reforms, stable crude oil prices, stable Naira exchange rate and improvements in domestic oil production are very key if this is to be achieved.
Failure to do any of these will lead to a downturn in the projected growth, the CBN said.
According to the World Bank economic outlook for Nigeria released in January, the country’s economic growth is expected to climb to .6 percent this year. This is based on the effective implementation of reforms by the federal government, the report said.
“Growth in Nigeria is forecast to strengthen to an average of 3.6 per cent a year in 2025-26. Following monetary policy tightening in 2024, inflation is projected to gradually decline, boosting consumption and supporting growth in the services sector, which continues to be the main driver of growth,” the Bank said.
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