Nigeria’s economy will flourish in 2018 - Data
2016 to $40.4 billion.
Inflation rate has been on a downward slide, dropping from 18.72 per cent in January 2016 to 15.37 per cent by December 2017 even as the country’s exchange rate is becoming stable and the gap in CBN foreign currency exchange rate and the parallel market rate is increasingly narrowing.
These positive growths are expected to continue in 2018 as election campaign spending are likely to up government spending, boost trade, increase income, up consumption and in turn boost GDP.
Evidenced by the successes of the interventions and policies rolled out by the Presidential Enabling Business Environment Council (PEBEC, the World Bank announced that Nigeria has moved up 24 places in the most recent World Bank Ease of Doing Business rankings.
The World Bank also pronounced that Nigeria is one of the top ten reforming countries in the world.
These improvements in ease of doing business and the pronouncement by the World Bank that Nigeria is indeed reforming its business environment are likely to open doors from investors all over the world into Nigeria’s investment climate in 2018.
The report will serve as confidence booster for investors and increase foreign direct investments flowing into the country.
Speaking at the 2018 Economic Outlook Forum of the Redeemed Christian Church of God (RCCG), Kings Court Parish in Lagos, recently, the Minister of Budget and National Planning, Senator Udoma Udo Udoma, revealed that Nigeria is targeting a GDP growth rate of 3.5 per cent for this year and 7 per cent by 2020.
A look at the country’s Economic Recovery and Growth Plan showed that the country is targeting an inflation rate of 12.54 per cent for 2018 and single digit inflation of 9.9 per cent by 2020. At least 10 GW of operational electricity capacity by 2020; manufacturing sector average growth of 8.5 per cent this year; agriculture average annual growth rate of 6.9 per cent over the plan period (2017-2020) and selfsufficiency in major food items, including rice.
Udoma also expressed optimism that the Nigerian economy will be significantly better in 2018 going by the consistent positive trend of key indicators since the country emerged from recession in the second quarter of last year.
He said that these positive sentiments are shared by most international and local rating agencies that support the view that the Nigerian economy is poised to grow rapidly in 2018.
Senator Udoma indicated that this growth would create opportunities for investment in areas such as agriculture and agroprocessing, industry, mining, construction and services.