World Bank: Nigeria to surpass 2.5% growth projection – BMO

The Buhari Media Organisation (BMO) has tackled the International Monetary Fund (IMF) over its 2.5% economic growth projection for Nigeria, accusing the Fund of not carrying out a proper assessment of the nation’s economy.

BMO, therefore, argued that the country’s economic growth for 2021 will surpass the 2.5% projected by the IMF.

The group in a statement signed by its chairman, Niyi Akinsiju and secretary, Cassidy Madueke, said that its position was informed by the manner the President Muhammadu Buhari administration exceeded all expectations with the country’s speedy exit from recession.

“It is gratifying that the IMF which had previously projected a 1.5% growth for the Nigerian economy has now been forced to eat the humble pie after the country exceeded all expectations with its quick exit from the COVID-19- induced recession.

“This is a global body that did not appear to properly assess the economic policies of the Buhari administration especially as it had earlier in October 2020 predicted that the economy would grow by 1.7% in 2021.

“This was later reviewed downward in January 2021 before it was caught unawares by reports of the country’s economic performance in Q4 of 2020 in spite of the global pandemic.

“So now that it has been forced to again review its projection, this time upwards, we dare say that IMF’s representatives will again be forced to express surprise when the Nigerian economy exceeds their 2.5% growth projection,” the group added.

BMO argued that President Buhari will not relent in his efforts at building upon the economic gains of the last quarter of 2020 to build a more resilient economy.

“There is no gainsaying that Nigeria’s quick exit caught the world by surprise, but any keen and unbiased observer of the Buhari administration since 2015 would know that the country’s economy was recording steady growth as a result of the government’s economic diversification policy before COVID-19 struck.

“We invite Nigerians to note that the global economic crisis in the wake of the pandemic led the President to introduce an ambitious set of policies, the Economic Sustainability Plan (ESP) under the direct supervision of Vice President Yemi Osinbajo to address local challenges.

“In spite of misgivings by sceptics, the stimulus package, in addition to a series of Central Bank interventions, paved the way for the government to literally put money in the hands of all categories of Nigerians through initiatives that focus on energizing the economy as well as job creation.

“Now, the ESP is set to enter a new phase with the installation of solar power in 5 million homes amongst other steps the Buhari administration is taking to further boost economic activities.

“This is aside from ongoing infrastructure development efforts targeted at completing ongoing construction of bridges, rail networks and gas plants before the 2023 terminal date of the administration,” they said.

BMO assured Nigerians that the Buhari administration will continue to surpass the expectations of international organisations and place the country back on the pre-pandemic path of sure and steady economic growth.