Improved vaccination will boost Nigeria’s GDP growth by 3%, CBN predicts
The Central Bank of Nigeria (CBN) has predicted that Nigeria’s GDP will grow by 3 percent by the end of 2021 if there is improved vaccination and no new health hazards that will lead to lockdown.
The Director of Monetary Policy Department at CBN, Dr Hassan Mahmud, made this prediction on Friday at the virtual mid-year economic review and outlook 2021 held in Abuja.
According to him, if certain things were in place, the country would record some positive economic figures in 2021 and early 2022.
Mahmud said, “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 percent by the end of 2021.
The director also predicted improved inflation from double-digit to single-digit by next year if there is a full implementation of its recent policies designed to boost different sectors of the economy.
He said even though there are challenges such as insecurity, exchange rate market pressure, declining capital inflows, high debt service payments and rising fiscal deficits, the CBN projected speedy economic recovery.
Mahmud added, “We will also see the inflation number coming down less than 13 percent 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.”
According to Mahmud, there will be a drop in food inflation, if an effective supply system is maintained and security issues mitigated.
Add your voice
People reading currently
MTN, PAU open fellowship for journalists, bloggers
MTN Nigeria Communications Plc and Pan-Atlantic University have announced a call for applications for the Media Innovation Programme (MIP). This...
Global fellowship for social entrepreneurs
Application Deadline: March 31, 2023 Yunus & Youth was founded in 2014 with the support of Nobel Peace Prize laureate...
Unilever to exit home care, skin cleansing business
Fast Moving Consumer Goods company, Unilever Nigeria, has said that it will be exiting the home care and skin cleansing...
USAID brings localisation of African healthcare development into focus
The US Agency for International Development (USAID) has renewed this prioritisation, sparking conversation within the development community about the evolution...
Russell Sage Foundation fellowship for journalists
Application Deadline: May 2, 2023 (11:59 PM EST) In recognition of journalists’ reports on issues of relevance to Russell Sage...
IWD: ARTSPLIT partners foundation to empower women, young girls
In commemoration of International Women’s Day (IWD), ARTSPLIT, a leading investment technology Company partnered with Chude & Ego Foundation, a...
Aviation workers drag minister to court over airports concession
A group of aviation workers’ unions have dragged the Minister of Aviation, Hadi Sirika and the Federal Airports Authority of...
Kwara community to get N3bn power substation from FG
The Nigeria Government is planning to install $8m (about N3bn) 1x60MVA, 132/33KV power transmission sub-station in Oro in the Irepodun...
Platform for viewing Nigeria election results unveiled
Tech executives Oo Nwoye, and Ozo Omosigho have announced the launch of Collate, a platform for collating Nigeria election results in...
Microsoft Unveils Co-pilot, AI tool powered by GPT-4
Microsoft has unveiled a new Artificial Intelligence tool powered by GPT-4 from OpenAI called Copilot for its Microsoft 365 apps...