FG projects GDP’s growth by 4.2 per cent in 2022

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The federal government has projected Nigeria’s Gross Domestic Product (GDP) to grow by 4.2 per cent in 2022.

The Minister of Finance, Budget and National Planning, Zainab Ahmed, said this yesterday at the Public Consultation on the Draft 2022 to 2024 Medium Term Fiscal Framework and Fiscal Strategy Paper.

Ahmed said the GDP, projected in 2021 to rise three per cent, had been adjusted downwards to close at 2.5 per cent.

The minister further said the Nominal GDP projected for 2022 was 184.38 trillion naira up from 168.6 trillion naira in 2021, and then to 201 trillion naira in 2023 and 222 trillion naira in 2024.

She also said the inflation rate was expected to drop slightly to 13 per cent in 2022 from 15 per cent in 2021.

She noted that the increase in inflation was due to the exchange rate.

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