Nigeria’s economy to grow at 3% next year, says minister

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Nigeria’s economy is expected to grow by two per cent this year and by three per cent next year, Minister of Budget Udoma Udo Udoma said yesterday.

The World Bank expects growth at slightly less than two per cent this year, while the Central Bank of Nigeria (CBN) predicts that the economy will grow 1.75 per cent this year.

“Our projection for the economic growth this year is two per cent, we believe it will be achieved, and that of next (year), which is projected at three per cent, will also be achieved. Our plans are working,” Udoma told reporters in Abuja, pointing to growth in the non-oil sector.

The National Bureau of Statistics (NBS) on Monday said the economy grew by 1.81 per cent in the third quarter, after 1.95 percent and 1.50 per cent in the first and second quarters.

A sluggish recovery since the country emerged from recession last year could bode poorly for President Muhammadu Buhari, who is seeking a second term in February 2019 elections and for whom economic rejuvenation has been a key pillar of policy.

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