Nigeria’s Economy on Right Tract – CBN

Related stories

Oshiomhole Breaks Silence on Viral Lagos Airport Clash with Air Peace Staff

By Abiola Olawale Senator Adams Oshiomhole, the lawmaker representing Edo...

SEC Blasts CBEX Says it remains Banned in Nigeria, as Crypto Platform

By Abiola Olawale The Securities and Exchange Commission (SEC) has...

2027: Atiku, Obi, El-Rufai, Others Can’t Unseat Tinubu, They’re ‘Bound To Fail’ — Wike

By Kolawole Ojebisi The FCT Minister, Nyesom Wike, on Wednesday,...

Wike’s Defection To APC ‘ll Make PDP, Others ‘Writhe In Pain’ — Tinubu

By Kolawole Ojebisi President Bola Tinubu on Wednesday said the...

2025 Rivers N1.48 tn Budget Done In Readiness for Fubara’s Return — Ibas

By Kolawole Ojebisi The Sole Administrator of Rivers State, Vice...

Dr Hassan Mahmud, Director, Monetary Policy Department of the Central Bank of Nigeria (CBN) said there were positive sides to Nigeria’s economic growth, despite uncertainties in the domestic and global economy.

Mahmud said this at the Mid-year Economic Review and Outlook 2021, organised by the CIBN Centre for Financial Studies, in collaboration with B. Adedipe Associates, on Friday in Lagos.

He said if policy challenges with exchange rates, insecurity, among others, were addressed effectively, the country would start seeing some positive projections into 2021 and the beginning of 2022.

“Also, if the CBN forecasts for GDP growth are sustained and there is improved vaccination and the health hazards and lockdowns are not resurfacing, we will see GDP getting close to three per cent by the end of 2021.

“We will also see the inflation number coming down less than 13 per cent by the end of the year and further down to the NBS projection of single digit by 2022 or the middle of 2022.

“We will start seeing a downward trend in inflation numbers particularly, headline inflation,” he said.

Mahmud added that food inflation should also go down substantially if the supply side of it was addressed and security issues abated.

He said inflows should also improve substantially over the rest of the year given that market confidences were already building, particularly, in the financial sector.

Dr Biodun Adedipe, Chief Consultant of BAA Consult, said if the oil sector was positive in terms of prices and production volume and export volume, it would go a long way in driving growth.

“At BAA, our projections for Nigeria economic growth for 2021 had remained 2.54 per cent since February and we have maintained it so.

“If the prognosis, the oil sector in Nigeria is positive in terms of price, production volume and export volume, that goes a long way in driving growth and changing some of what we see as headwinds and risks,” he said.

Earlier, Dr Bayo Olugbemi, CIBN President, said the event was the brainchild of the CIBN Research Committee.

He said it was aimed at providing insights for business leaders and key decision makers, who had responsibility to deliver on specific mandates irrespective of the prevailing uncertainties and disruptions in the Nigerian economy.

“There is a strong need for further guidance to help individuals and businesses make informed and strategic decisions that will help them weather the storm,” said Olugbemi. (NAN)

Hamilton Nwosa
Hamilton Nwosa
Hamilton Nwosa is an experienced, and committed communication, business, administrative, data and research specialist . His deep knowledge of the intersection between communication, business, data, and journalism are quite profound. His passion for professional excellence remains the guiding principle of his work, and in the course of his career spanning sectors such as administration, tourism, business management, communication and journalism, Hamilton has won key awards. He is a delightful writer, researcher and data analyst. He loves team-work, problem-solving, organizational management, communication strategy, and enjoys travelling. He can be reached at: hamilton_68@yahoo.com

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

[tds_leads input_placeholder="Your email address" btn_horiz_align="content-horiz-center" pp_msg="SSd2ZSUyMHJlYWQlMjBhbmQlMjBhY2NlcHQlMjB0aGUlMjAlM0NhJTIwaHJlZiUzRCUyMiUyMyUyMiUzRVByaXZhY3klMjBQb2xpY3klM0MlMkZhJTNFLg==" pp_checkbox="yes" tdc_css="eyJhbGwiOnsibWFyZ2luLXRvcCI6IjMwIiwibWFyZ2luLWJvdHRvbSI6IjQwIiwiZGlzcGxheSI6IiJ9LCJwb3J0cmFpdCI6eyJtYXJnaW4tdG9wIjoiMTUiLCJtYXJnaW4tYm90dG9tIjoiMjUiLCJkaXNwbGF5IjoiIn0sInBvcnRyYWl0X21heF93aWR0aCI6MTAxOCwicG9ydHJhaXRfbWluX3dpZHRoIjo3NjgsImxhbmRzY2FwZSI6eyJtYXJnaW4tdG9wIjoiMjAiLCJtYXJnaW4tYm90dG9tIjoiMzAiLCJkaXNwbGF5IjoiIn0sImxhbmRzY2FwZV9tYXhfd2lkdGgiOjExNDAsImxhbmRzY2FwZV9taW5fd2lkdGgiOjEwMTksInBob25lIjp7Im1hcmdpbi10b3AiOiIyMCIsImRpc3BsYXkiOiIifSwicGhvbmVfbWF4X3dpZHRoIjo3Njd9" display="column" gap="eyJhbGwiOiIyMCIsInBvcnRyYWl0IjoiMTAiLCJsYW5kc2NhcGUiOiIxNSJ9" f_msg_font_family="downtown-sans-serif-font_global" f_input_font_family="downtown-sans-serif-font_global" f_btn_font_family="downtown-sans-serif-font_global" f_pp_font_family="downtown-serif-font_global" f_pp_font_size="eyJhbGwiOiIxNSIsInBvcnRyYWl0IjoiMTEifQ==" f_btn_font_weight="700" f_btn_font_size="eyJhbGwiOiIxMyIsInBvcnRyYWl0IjoiMTEifQ==" f_btn_font_transform="uppercase" btn_text="Unlock All" btn_bg="#000000" btn_padd="eyJhbGwiOiIxOCIsImxhbmRzY2FwZSI6IjE0IiwicG9ydHJhaXQiOiIxNCJ9" input_padd="eyJhbGwiOiIxNSIsImxhbmRzY2FwZSI6IjEyIiwicG9ydHJhaXQiOiIxMCJ9" pp_check_color_a="#000000" f_pp_font_weight="600" pp_check_square="#000000" msg_composer="" pp_check_color="rgba(0,0,0,0.56)" msg_succ_radius="0" msg_err_radius="0" input_border="1" f_unsub_font_family="downtown-sans-serif-font_global" f_msg_font_size="eyJhbGwiOiIxMyIsInBvcnRyYWl0IjoiMTIifQ==" f_input_font_size="eyJhbGwiOiIxNCIsInBvcnRyYWl0IjoiMTIifQ==" f_input_font_weight="500" f_msg_font_weight="500" f_unsub_font_weight="500"]

Latest stories

NDN
Latest News
Oshiomhole Breaks Silence on Viral Lagos Airport Clash with Air Peace StaffSEC Blasts CBEX Says it remains Banned in Nigeria, as Crypto Platform2027: Atiku, Obi, El-Rufai, Others Can't Unseat Tinubu, They're 'Bound To Fail' -- WikeWike's Defection To APC 'll Make PDP, Others 'Writhe In Pain' -- Tinubu2025 Rivers N1.48 tn Budget Done In Readiness for Fubara's Return -- Ibas[VIDEO] Drama As Oshiomhole, Air Peace Engage in Dirty Spat at Lagos AirportI'm Ready To Forgive Elon Musk..We've to Strengthen the Country, Says TrumpDele Momodu Tells Tinubu: You Can't Say Nigerians are Busybodies, Bystanders to Praise WikeOil Prices Slip Despite U.S.-China TalksDrama As Elon Musk Reverses Self on Trump, Says Criticism Went too farEx-Minister, Essien Blasts Gov Umo Eno For Piling Pressure on Lawmakers to DefectNigeria Not At War Yet Citizens Living Like Refugees In Own Country -- Peter ObiFubara's Sins 'll Be Forgiven Only If... APC2027: I'm Ready To Die For Tinubu's Victory In Abia -- KaluAtiku's Ally, Segun Sowunmi, Hints At Dumping PDP For APC, Says 'I May Likely Leave'
X whatsapp