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· The Nigerian economy would grow by 2.9 per cent this year and achieve a sustained high growth rate till 2025
· Country would achieve a more robust and resilient economy thanks to improved external reserves and fiscal position and moderate inflation rate at 14.5 per cent
· The government revenue will increase by 23.3 per cent on a sustained manner till 2025.
The Nigerian economy would grow by 2.9 per cent this year and achieve a sustained high growth rate till 2025 , according to the projection made by the Nigerian Economic Summit Group (NESG).
In its 2021 Macroeconomic Outlook NESG said the country would achieve a more robust and resilient economy thanks to improved external reserves and fiscal position and moderate inflation rate at 14.5 per cent. The government revenue will increase by 23.3 percent in a sustained manner till 2025. The exchange rate is expected to be stable, while unemployment and poverty ease overtime, NASG points out.
However, NESG said that a lot more efforts are needed to get Nigeria on the path of positive economic growth. For that the country should give priorities to macroeconomic stability, policy and regulatory consistency, sectoral reforms and skill development.
The report reviewed the Nigerian economy in 2020 and projected growth trends between 2021 and 2025. The report said that the West African country can leverage its economic uncertainties cast by the pandemic to tackle key structural issues and restore the economy back to a growth plan. The report stated that GDP growth would improve and possibly return to a positive region but unemployment and poverty rates will maintain an upside position.
