Nigeria’s economy to grow 2.2 pct this year -govt document

Date:

LAGOS, Aug 3 – Nigeria expects its economy to grow 2.2 percent this year, the government said in a strategy document seen by Naija247news on Thursday, after the country suffered its first recession in more than two decades in 2016.

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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 bln) 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 Africa’s biggest economy to grow by 0.8 percent this year, with threats to growth remaining elevated.
Fund said Nigeria’s new window for investors to trade the currency, the naira, at market rates has allowed portfolio inflows and helped boost foreign reserves, which has contributed to reducing the premium on the black market rate.

“In the near term, a stronger push for front-loaded fiscal consolidation through a sustainable increase in non-oil revenues would be needed to create space for infrastructure spending, social protection, and private sector credit,” it said.

“This should be simultaneously accompanied by a monetary policy that avoids direct financing of the government and is kept sufficiently tight, a unified and market-based exchange rate, and rapid implementation of structural reforms.”

Pursuing these policies would help reduce vulnerabilities and create an environment for an economy led by the private sector, the IMF said.

Godwin Okafor
Godwin Okaforhttps://naija247news.com
Godwin Okafor is a veteran Financial Journalist, Internet Social Entrepreneur, and the visionary Founder of Naija247news Media Limited. With an extensive career spanning over 16 years in financial journalism, Godwin possesses a wealth of experience that seamlessly bridges both traditional and digital media landscapes. His journey in journalism commenced at Business Day, Nigeria, where he laid the foundation for his prolific career. In 2010, Godwin took a bold step by founding Naija247news Media, a platform that has since become a prominent player in delivering timely and accurate news. Educationally, Godwin Okafor holds a Bachelor's degree in Industrial Relations and Personnel Management from the prestigious Lagos State University, Ojo, Lagos. His commitment to continuous learning led him to the Lagos Business School, where he further honed his skills. Additionally, he is recognized as a Fellow of the University of Pennsylvania, having successfully completed the Wharton Seminar for Business Journalists. Throughout his illustrious career, Godwin has earned acclaim by winning numerous journalism awards, a testament to his dedication to excellence in reporting. Beyond his role as a Financial Journalist, Godwin Okafor wears the hat of the Chairman at Emmerich Resources Limited, the publishing entity behind Naija247news. His visionary leadership has played a pivotal role in shaping the media landscape and establishing Naija247news as a trusted source of information. Godwin Okafor's multifaceted expertise, commitment to journalistic integrity, and leadership in the realm of business journalism underscore his influential presence in both the media and entrepreneurial spheres.

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