Economic growth slow since 2016 — Minister

The Minister of State, Budget and National Planning, Prince Clem Agba has disclosed that Nigeria’s economic growth has been very slow in the last five years.

He disclosed this on Monday while presenting a Medium Term National Development Plan (MTNDP) 2021 -2025 framework and Agenda at a public hearing by the House of Representatives Committee on National Planning and Economic Development.

He said the country’s economy grew by an average of less than two per cent during the period.

The minister said the lack of steady positive economic growth, the country has the lowest GDP per capita despite being the largest oil producer and exporter in Africa and a member of the Organization of Petroleum Exporting Countries (OPEC).

Agba said Nigeria is the largest and most populous economy in Africa, with a GDP of $446 billion and a population of about 206 million in 2020.

The minister however said, its per capita GDP of $2,156.51 in 2020 was only 19 per cent of the global average.

“Nigeria, like many developing countries, is faced with binding constraints that prevent her from realizing her development aspirations,” he said. According to him, the MTNDP will establish a strong foundation to diversify the economy, through MSMEs growth and a more resilient business environment.

He said the major plans for the post oil economy in Nigeria include the review of the African Union (AU) Agenda 2063, the Economic Community of West African States (ECOWAS) Vision 2050 and the Sustainable Development Goals (SDGs) 2030.