Nigerian Economy To Grow By 3.24% In 2022: CBN

The Central Bank of Nigeria, CBN, has projected that the Nigerian economy will grow by 3.24 per cent in 2022, despite the rising inflationary challenges occasioned by global socio-economic events.
The CBN Governor, Godwin Emefiele, made this known while presenting a communique from the apex bank’s Monetary Policy Committee, MPC, meeting.

He said the International Monetary Fund, IMF, also projected the economy to grow at 2.7 per cent, while the Federal Government projected a 4.21 per cent growth.

Also Read: CBN’s MPC Blames Rising Inflation on Fuel, Hikes In Electricity Tariff

Emefiele, however, said the MPC was concerned about the impact the global increase in petroleum and other products was having on the Nigerian economy.

“The committee further noted that this has resulted to inflation, and believes that specific actions need to be taken to ensure that this trend does not continue,” he said.

He urged the Nigerian National Petroleum Corporation (NNPC) to take immediate steps to ensure adequate supply of petroleum products.

The CBN Governor also condemned the rate of oil theft recorded in recent times, which has severely affected government revenue.

He assured that the proposed take off of the Dangote Refinery within the year would help to improve the supply of petroleum products in Nigeria.