NIGERIA GDP PROJECTED TO REACH 2.2% THIS YEAR

Nigeria to get a positive rise in GDP

Bismarck Rewane, Chief Executive Officer of Financial Derivatives, at the West African Investment Summit in Lagos said, Nigeria’s Gross Domestic Product (GDP) projection will reach 2.2 per cent this year.

According to the forecast, the nation’s trade balance will rise to US$9 billion this year from 2017’s US$7 billion. This result will be attainable as Non-Performing Loans (NPLs) will decline this year.

The economy’s data would be positive this year, but would make a difference if the citizens will feel its impact.

While speaking, Mr. Rewane emphasized that some international investors in the summit are currently looking at Nigerian this time. Nigeria also have just successfully raised US$25 billion dollars in addition to the previous euro bond issues.

The issue is to invest funds to affect the ordinary citizens and bridge the gap between urban and rural Nigeria. The economy is beginning to limp out of recession and work needs to be done to sustain this.

There is a need for the National Assembly to quickly pass the budget so the government can get to work and everybody can together ensure that this economy sustains its returns. If not, it’s going to be very difficult as urban unemployment is currently at 45 per cent.

Mr. Rewane added, Oil revenue will hit US$44 billion and oil price will vary between US$60 and US$65 per barrel. Money supply growth will be at 7.2 per cent, exchange rate would remain stable within N360 and N370 and also interest rates will fall despite the coming elections.