AfDB projects Nigeria's economy to grow by 2.3% in 2019

AfDB says the outlook depends on the pace of implementing the Economic Recovery and Growth Plan.

President of the African Development Bank (AfDB) Dr. Akinwumi Adesina
  • Africa Development Bank (AfDB) launches 2019 African Economic Outlook in Abidjan.
  • AfDB says the continent’s general economic performance will continue to improve with GDP estimated to accelerate to 4.0% in 2019 and 4.1% in 2020.
  • The report also states that the slide in oil prices from late 2018, output cut by the Organisation of the Petroleum Exporting Countries (OPEC) pose a downside risk to Africa's populous nation's economic outlook.

The African Development Bank (AfDB) has projected Nigeria's economy to grow by 2.3% in 2019 and 2.4% in 2020.

This, the development harped on the implementation of the Economic Recovery and Growth Plan by President Muhammadu Buhari-led government.

The AfDB made this known in its 2019 African Economic Outlook released on Tuesday.

Commenting launch of the report in Abidjan, AfDB President, Akinwumi Adesina, said the future of the African continent is looking very promising indeed.

He notes that the recovery in commodity prices is driving domestic demand and infrastructure investment, while real Africa’s GDP continued to improve.

According to the report, the continent’s general economic performance will continue to improve with GDP estimated to accelerate to 4.0% in 2019 and 4.1% in 2020 away from the 3.5% in 2018 and 2017 and up from 2.1% in 2016.

AfDB, however, says the outlook depends on the pace of implementing the Economic Recovery and Growth Plan, which anchors Nigeria’s industrialisation by establishing industrial clusters and staple crop processing zones to give firms a competitive edge through access to raw materials, skilled labour, technology, and materials.

The report also states that the slide in oil prices from late 2018, output cut by the Organisation of the Petroleum Exporting Countries (OPEC) pose a downside risk to Africa's populous nation's economic outlook.

Other factors that may hinder the country's economic growth, according to AfDB, include the delay in passage of the 2019 budget and the general elections.

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