Minister expects economy to grow by 3pc in 2019

Nigeria's Budget Minister Udoma Udo Udoma speaks during the public presentation and breakdown of 2018 Appropriation Act in Abuja, Nigeria. [Photo: Reuters]
ABUJA- Nigeria’s economy is expected to grow by 2 percent this year and by 3 percent in 2019, the country’s Minister of Budget Udoma Udo Udoma said on Wednesday.

The World Bank expects growth at slightly less than 2 percent in 2018, while and Nigeria’s central bank predicts the economy will grow 1.75 percent this year.

 “Our projection for the economic growth this year is 2 percent, we believe it will be achieved, and that of next (year), which is projected at 3 percent, will also be achieved,” Udoma told reporters in Abuja.

“Our plans are working,” he said, pointing to growth in the non-oil sector.

Nigeria’s statistics office on Monday said the economy grew by 1.81 percent in the third quarter, after 1.95 percent and 1.50 percent in the first and second quarters.

A sluggish recovery since Nigeria emerged from recession in 2017 could bode poorly for President Muhammadu Buhari, who is seeking a second term in February 2019 elections and for whom economic rejuvenation has been a key pillar of policy.

Do not miss out on the latest news. Join the Standard Digital Telegram channel HERE.

Get the latest summary of news in your email every morning. Subscribe below

* indicates required
Nigeria’s economyBudget Minister Udoma Udo UdomaNigeria’s central bankWorld Bank