Expert: Nigeria’s Economy Can Grow Up By To 10% Annually

The former Director, Budgeting Department, Central Bank of Nigeria,Dr Titus Okunrounmu, says Nigeria’s economy can grow by between seven percent and 10 percent annually if the necessary measures are put in place.

Okunrounmu made the projection reacting to the International Monetary Fund projection that Nigeria’s economy would grow by 2.5 per cent in 2021.

The IMF has revised the projected growth of Nigeria’s economy in 2021 to 2.5 per cent, from its earlier projection of 1.5 per cent announced in January.

Okunrounmu said that the projection of 2.5 percent by the IMF was low for the country adding that there were some countries in Africa that had been recording a growth rate of between six per cent and seven per cent in the last three years.

The ex- CBN director urged the Federal Government to, rather than export the nation’s crude oil to the world, rebuild the refineries and produce refined products that could generate more revenue for the country.

“If the country could refine all the crude products we have, some countries of the world will be coming to Nigeria to buy from us.

“The country’s refineries should be working so as to generate employment and provide all by-products that the nation needs to make Nigeria a great country.

“Our balance of payment will be buoyant and the nation’s exchange rate will be stabilised,” he said.

However, Okunrounmu emphasized the country was not meant to be a poverty-stricken nation suggesting that the Federal Government could make emphatic efforts in diversifying more to agriculture.

Kehinde Ogunyale

Reporting on the data-driven economy, and investigations.

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