Nigeria’s economy to grow at 3% next year – Udoma

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

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

According to Udoma, “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”. He pointed out the impressive 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.

The country has witnessed a sluggish recovery since the country emerged from recession last year, there is the fear that this may impact negatively on President Muhammadu Buhari’s chance of re-election in February 2019.