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CBN projects 2.3% growth for Nigerian economy




The Central Bank of Nigeria (CBN) has projected that the Nigerian economy would grow by the last quarter of 2019.

Dr Hassan Mahmoud, Director, Financial Policy and Regulation Department, CBN, made this disclosure while speaking on the topic: State of the Nigerian economy and implications for the stability of the banking system, at the Nigeria Deposit Insurance Corporation (NDIC) organised 2019 workshop for financial journalists, in Yola, Adamawa State, on Tuesday.

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He noted that the country’s Gross Domestic Product (GDP) grew by 2.28 per cent in the third quarter, with crude oil contributing less than 10 per cent to this growth, while the service sector made significant contribution  to the growth.

“It is difficult to sustain positive rate GDP growth rates that we are projecting that by the fourth quarter of 2019. We are going to be doing 2.38 per cent, that is CBN projection, the IMF is projecting same growth of 2.31 per cent,” he added.

He explained that while crude oil still important role in the Nigerian economy, it is not a large employment generator like the agricultural sector.

He however, expressed worries over the decline in the growth of non-oil sector, saying this would further exposure the country to the shocks associated to the vulnerability of oil price.

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