*The Bankers鈥� Bank says as policy challenges with exchange rates, insecurity, among others are addressed effectively, the West African country will begin to see some positive projections into 2021 and the beginning of 2022

Alexander Davis | 绿帽献妻

In spite of the apparent uncertainties in the domestic and global economy, the Central Bank of Nigeria (CBN) has said that there are positive sides to Nigeria鈥檚 economic growth.

Dr. Hassan Mahmud, Director of Monetary Policy Department of CBN, said this at the Mid-year Economic Review and Outlook 2021 Friday, August 13, 2021, in Lagos.

The Centre for Financial Studies of the Chartered Institutes of Bankers of Nigeria (CIBN) organised the forum in collaboration with B. Adedipe Associates, agency report said.

绿帽献妻 learnt the CBN Director of Monetary Policy Department stated if policy challenges with exchange rates, insecurity, among others are addressed effectively, Nigeria would start witnessing some positive projections into 2021 and the beginning of 2022.

Dr. Mahmud said: 鈥淎lso, if the CBN forecasts for GDP growth are sustained and there is improved vaccination and the health hazards and lockdowns are not resurfacing, we will see GDP getting close to three per cent by the end of 2021.

鈥淲e will also see the inflation number coming down less than 13 per cent by the end of the year and further down to the NBS projection of single digit by 2022 or the middle of 2022.

鈥淲e will start seeing a downward trend in inflation numbers particularly, headline inflation.鈥�

He also noted that food inflation should also go down substantially, if the supply side of it is addressed and security issues abated in the country鈥檚 economy.

The CBN stated that inflows should also improve substantially over the rest of the year, given that market confidences were already building, particularly, in the financial sector.

Dr. Biodun Adedipe, Chief Consultant of BAA Consult, explained if the oil sector is positive in terms of prices and production volume and export volume, it would go a long way in driving growth in the country.

Adedipe was quoted to have said: 鈥淎t BAA, our projections for Nigeria economic growth for 2021 had remained 2.54 percent since February and we have maintained it so.

鈥淚f the prognosis, the oil sector in Nigeria is positive in terms of price, production volume and export volume, this goes a long way in driving growth and changing some of what we see as headwinds and risks.鈥�

Earlier, Dr. Bayo Olugbemi, President of CIBN, disclosed that the event was the brainchild of the CIBN Research Committee.

The forum, he stated, was aimed at providing insights for business leaders and key decision makers, who have responsibility to deliver on specific mandates irrespective of the prevailing uncertainties and disruptions in the Nigerian economy.

Dr. Olugbemi added: 鈥淭here is a strong need for further guidance to help individuals and businesses make informed and strategic decisions that will help them weather the storm.鈥�