Activist countries

Ghana and four other ‘smaller’ African countries will grow faster than Nigeria’s in 2022 – IMF

  • The federal government projects the economy will grow by 4.2% in its recently signed 2022 budget
  • However, the IMF estimates that it will actually grow 2.7% below the expected average of 3.8% for sub-Saharan countries despite the size of Nigeria’s economy.
  • The IMF also went further by listing Ghana and four other African countries as economies with better economic growth than Nigeria.

The Nigerian economy will grow according to the International Monetary Fund (IMF), but far from the best African countries in 2022.

The countries are Rwanda, Benin Republic, Seychelles, Ghana and Senegal which are all expected to experience astronomical growth in 2022.

According to the IMF, the economies of the five countries will grow faster than Sub-Saharan Africa’s average growth of 3.8% in 2022.

Many Nigerians are hoping for a better 2022Credit: aderf
Source: Getty Images

According to the IMF, Rwanda will reach 7% in 2022 while the economy of the Republic of Benin will grow by 6.5%.

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Seychelles, a tourism-driven economy, will see 8% growth as more people around the world get vaccinated and decide to go on holiday.

The economies of Ghana and Senegal will also register a growth rate of 6.2% and 5.5% respectively in the 24 months of 2022.

Nigerian Economy Growth Projection for 2022

According to the IMF, the Nigerian economy is expected to grow by 2.7%, just slightly more than the 2.6% projected for 2021.

The Washington-based institution cited recovery in non-oil sectors and rising crude oil prices as drivers of the slightly higher growth.

The Nigerian government expects growth

However, Vanguard reports that the 2.7% growth projected by the IMF for Nigeria in 2022 is 1.5 percentage points below the 4.2% growth projected for 2022 by the Federal Government in its draft framework. 2022-2024 medium-term budget and budget strategy paper (MTFF/ FSP).

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“In 2022, we expect an absorption at 4.2%, then a decline to 2.3% in 2023 and up to 3.3% in 2024”, said the Minister of Finance, Budget and National Planning , Ms. Zainab Ahmed during the public consultation. on the MTFF/FSP 2022 to 2024 project.

Nigeria’s debt has tripled in seven years, activist says also reported that rights activist, Chidi Odinkalu said Nigeria’s debt profile has tripled in the last seven years i.e. since Muhammadu Buhari stepped into the saddle as President of Nigeria.

Odinkalu said so in a tweet but did not expand as he only provided an undated conversation from the Nigeria Bureau of Statistics (NBS).

Odinkalu may not be an economist, but available data from the Debt Management Office (DMO) indicates that Nigeria’s debt profile has recently spiked to around N35.65 trillion due to the increased borrowing by Buhari’s government.

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