TheNigerianVoice Online Radio Center

Nigeria will exceed IMF growth projection of 7.4 per cent – CBN

By The Citizen
Listen to article

The Deputy Governor of the Central Bank of Nigeria (CBN), Dr. Sarah Alade, said on Thursday that Nigeria would surpass the International Monetary Fund (IMF) growth projection of 7.4 per cent for it in 2014.

Alade, who is the Deputy Governor for Economic Policy, made the statement in Lagos at the presentation of the IMF 2013 Regional Economic Outlook for Sub-Sahara Africa.

She said that the average projection for Sub-Sahara African countries was six per cent in 2014 due to strong investment demands.

Alade also said that inflation was expected to maintain its downward trend to less than six per cent by the end of 2014.

She said the goals could be achieved through prudent monetary management and the Federal Government's transformation agenda as well as the growing non-oil sector of the economy.

She said that Nigeria had exceeded its peers in the region due to increased trading partners as well as being able to handle political and domestic constraints.

Alade also said that most investors coming into the country had taken advantage of the tight monetary measures put in place by the government.

She said that it was important that Nigeria must ensure that inflows into the country could assist and create short-term macro-economic stability.

Alade said that when such inflows got out of the system, they would create instability which could spill over to the short, medium and long terms financial instability.

She, however, said that government would ensure that some policies were put in place to manage the inflows to mitigate risk.

The official said that such policies included macro-economic and financial stability policies which were efficient and effective.

“Let me say that we will push growth beyond 7. 4 per cent depending on the structural transformation we are doing.

“If these reforms in power, agriculture and in all other sectors are concluded and successfully implemented on time, then we might see growth beyond 7.4 per cent.

“Again, it depends on the timing,'' she added.