Fitch Solutions has predicted that Nigeria’s economy is expected to grow by 2.8% in 2022, on the back of stronger household spending and an increase in crude oil export value.
This projection, which is contained in the Nigeria Country Risk report, follows expected growth of 2.1% in 2021 from the 1.9% contraction recorded in the previous year, which was affected by the COVID-19 lockdown measures.
The report said: “We at Fitch Solutions expect Nigerian real GDP to grow by 2.1% in 2021 after it contracted by an estimated 1.9% in 2020.
“Data published by the National Bureau of Statistics indicate that real GDP growth accelerated for a third consecutive quarter to 5.0% year-on-year in the second quarter (Q2) of 2021 from 0.5% recorded in the first quarter.” The report hinges its projections on increases in fixed investment and oil exports as well as anticipated rise in government’s consumption in the coming year, based on the 2022 budget.
We at Fitch Solutions expect Nigerian real GDP to grow by 2.1% in 2021 after it contracted by an estimated 1.9% in 2020.
