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Nigeria’s Economy Will Overtake Developed Nations By 2023 – Buhari’s Minister Boasts

The Minister for Finance, Budget, and National Planning Minister, Zainab Ahmed has declared that Nigeria’s economy is on track to overtake that of developed nations of the world.

She stated this when she pointed out that the economy is not only recovering, but also growing.

Specifically, she pointed out that a reduced contraction of 3.6 percent in the third quarter of 2020 was noticed in the economy, compared to the previous quarter.

The Minister while speaking during the recently held virtual Deloitte Economic Outlook 2021, where she outlined Nigeria’s Economic Recovery Plans for 2021 added that major economic activities have shown resilience despite the global challenges.

“By 2021, the economy will recover from recession. According to the International Monetary Fund (IMF), the Nigerian economy will rebound from the estimated contraction of -3.2 per cent in 2020 to growth of 1.5 per cent in 2021,” Ahmed said.

She added that: “From 2023 to 2025, Nigeria’s growth is projected to surpass that of the advanced economies.”

She declared that the recovery and growth forecast is based on “the various interventions introduced to cushion the negative consequences of the pandemic.”

The Minister added that: “While there is always a lag between intervention and outcome, we can already see benefits on the economy as recorded in the better-than-expected results for Q3 2020. Data for Q4 is expected from the NBS later this month.”

The sectors she listed to have gotten the biggest gains in GDP growth in Q3 2020 are: construction – 2.8 per cent; broadcasting – 3.5 per cent; quarrying and other mineral production 41.8 per cent; telecommunications 17.3 per cent; cement manufacturing 11.9 per cent; financial institutions 6.8 per cent; chemicals and pharmaceuticals 6.6 per cent; food and beverage manufacturing 5.6 per cent; and public administration – 3.6 per cent.

In another development, the Presidency has announced the plan to meet governors, religious leaders, and other stakeholders on Monday to address security challenges facing the country.

The Office of the National Security Adviser (ONSA) made this known in a statement on Saturday. The statement said the meeting is to bring about lasting peace in the country.

The statement added that the meeting, which would start in Kaduna on Monday, is to address the crimes and criminality being perpetrated against Nigerians.


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