Buhari group faults World Bank, IMF on economic projection

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The Buhari Media Organisation has disagreed with the International Monetary Fund and the World Bank on their downward projections for the country’ economic growth.

The group argued that the 2.9 per cent economic growth projection by the Federal Government for the year 2020 was feasible despite the IMF and World Bank’s downward projections.

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The World Bank had earlier projected 2.1 per cent growth for Nigeria this year while the IMF on Monday put it at 2.5 per cent growth.

But in a statement signed by its Chairman, Niyi Akinsiju, and Secretary, Cassidy Madueke, the BMO said the international institutions could not rely on secondary data to make accurate projection for the country.

It stated that efforts by the Federal Government to improve the predictability of economic policies had been largely successful over the past few years.

The statement said, “This has shown that a lot has been happening on the economic front.

“While respecting the international institutions on their projections, we want to make it clear that they cannot have access to our primary sources of information and data; no agencies or organisations can stay outside our territory and make conjectures from secondary data and information.

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“The Federal Government has taken a global look at all indicators with the economic environment and it is better able to project the 2.9 per cent for the year 2020, taking into account several policy deployments that lifted us out of recession. From -1.3 per cent GDP, we were able to move to 0.8 per cent and 1.9 per cent, moving by 1.1 per cent growth within a space of one year and from 1.9 per cent to 2.3 per cent. This shows we are strongly moving.”

According to the pro-Buhari group, Nigeria has shown progress and, considering the current policy deployment by the Federal Government, the GDP growth rate will increase and improve the GDP to population growth ratio.

The statement added, “Nigeria has seen a progressive increase in the GDP since we exited recession, our economy has shown a capacity for growth. Growth might appear slow now, but the economy has shown capacity for continuous growth; from 0.8 per cent in 2017 to 1.9 per cent in 2018 and an average of 2.0 to 2.3 per cent in 2019.

“We are sure that in the year 2020, with all the policies being set out by Federal Government, our GDP growth will be at 2.9 to three per cent.”

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