Share
These are the main economic drivers behind Nigeria’s 2.27% growth in 2019
Nigeria’s economy grew 2.27 in 2019 compared to the 1.91 per cent growth rate recorded in 2018. That’s according to data from the National Bureau of Statistics. Steve Osho, Co-Managing Partner at Comercio Partners joins CNBC Africa to unpack Nigeria’s 2019 GDP report.
Mon, 24 Feb 2020 12:16:38 GMT
Disclaimer: The following content is generated automatically by a GPT AI and may not be accurate. To verify the details, please watch the video
AI Generated Summary
- Nigeria's GDP grew by 2.27% in 2019, surpassing forecasts and marking the highest growth since the 2016 recession.
- Non-oil sectors such as agriculture and ICT contributed significantly to the growth, signaling a move towards diversification.
- Challenges including dwindling reserves, inflationary pressure, and the impact of the coronavirus outbreak on oil prices need to be addressed through fiscal discipline and policy coherence.
Nigeria's economy showed a positive growth trend in 2019, with the GDP expanding by 2.27%, compared to 1.91% in 2018. This growth, the highest since the 2016 recession, exceeded both IMF and CBN forecasts for the year. According to Steve Osho, Co-Managing Partner at Comercio Partners, the increase is a reflection of non-oil sectors driving the economy forward. Sectors like agriculture and ICT saw significant growth, along with investments in FinTech and other tech-driven businesses. The focus on diversifying the economy away from oil revenue is seen as a positive move for Nigeria. However, there are challenges ahead, including concerns about dwindling reserves, inflationary pressure, and the impact of the coronavirus outbreak on oil prices. Amidst these challenges, the government is urged to maintain fiscal discipline and policy coherence to ensure economic stability and growth. Moving forward, it will be crucial for Nigeria to address areas like fiscal discipline and revenue diversification to sustain the positive economic momentum seen in 2019.
SIGN UP FOR OUR NEWSLETTER
DAILY UPDATE
Get the best of CNBC Africa sent straight to your inbox with breaking business news, insights and updates from experts across the continent.
Get this delivered to your inbox, and more info about about our products and services. By signing up for newsletters, you are agreeing to our Terms of Use and Privacy Policy.
