Posted Tue, Jun 18, 2019 8:45 AM

NESG forecasts GDP growth by 2.9 percent in 2019

The Nigerian Economic Summit Group, NESG, has said that the nation’s real Gross Domestic Product, GDP, will grow by 3.2 percent in 2019.

NESG in its 2019 Nigeria Economic Outlook report titled: “Steering Nigeria through the Inclusive Growth Pathway: What Strategy Should the Government Adopt?”, stated that the growth will be driven by information, communication and technology and agriculture sectors.

The annual report highlights economic forecasts for the nation. It also offers short and medium-term forecasts on the main socio-economic factors, while exploring the pitfalls and improvements experienced in 2018.

According to the report, “Inflation will moderates at 11 percent in the year, largely as a result of increased agriculture outputs and a stable official exchange rate at N302/US$.

“Unemployment and underemployment rates decline marginally to 21.5 percent and 20.5 percent respectively. Government revenue will also improves by 20 percent.

Speaking on the details of the Macro Economic Outlook, The Chairman, Board of Directors, Nigerian Economic Summit Group (NESG) Mr. Asue Ighodalo, recommended the annual report as a tool for policymakers, academics, investors, the press and financial industry professionals, which will be widely used to inform policy dialogues and enhance operational efficiency of public and private institutions.

He further emphasized why the Nigerian government needs to be deliberate about rapid growth and such growth has to be inclusive and focused on encouraging small and medium scale enterprises.

Also, the Chief Executive Officer, NESG, Mr. ‘Laoye Jaiyeola, reiterated that the report examines the critical role of government in delivering broad-based economic growth, which is essential in opening up critical sectors for investments and enabling them to create jobs. It also identifies crucial social inclusion reforms that the Nigerian government, at all levels, must implement to guarantee improvement in social outcomes.

NESG is Nigeria’s economic think-tank promoting the sustainable growth and development of the Nigerian economy leveraging public-private dialogue platforms that are supported by research-based advocacy to connect critical national stakeholders.