NESG predicts Nigerian economy to beat IMF forecast for 2021

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NESG predicts Nigerian economy to beat IMF forecast for 2021
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The Nigerian Economic Summit Group (NESG) has predicted a growth rate of 2.9 per cent for the Nigerian economy in 2021, higher than the 1.5 per cent growth rate suggested by the International Monetary Fund (IMF).

The NESG identified eight key policies and events that will help shape the outlook of Nigerian economy in 2021.

This is contained in the group’s 2021 Macroeconomic Outlook Report titled, “Four Priorities for the Nigerian Economy in 2021 and Beyond,” launched virtually Tuesday in Abuja.

According to the report, for Nigeria’s economy to get back on track, the economy needs a high, robust and sustained economic growth that will deliver a significant reduction in unemployment and poverty.

The report said the government’s most important agenda in 2021 must be to address these problems as a foundation for economic recovery in the short term and inclusive economic growth in the future.

The 77-page report stated that in consonance with the expected recovery of the global economy in 2021, Nigeria is also projected to exit the recession this year, and that the country’s “business-as-usual” scenario agrees with this projection.

However, the report said Nigeria needs more than a simple GDP rebound, especially taking into consideration the last recovery cycle.

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