An Economist, Mr. Rasheed Yusuf, has urged the Federal Government to sustain its development of the local economy and resolve the insecurity challenges to enable Nigeria to attain the 2.3 percent growth projected by IMF.
Yusuf, a former President, Association of Stock Broking Houses of Nigeria, gave the advice in an interview on Tuesday in Lagos.
The International Monetary Fund (IMF) on Monday upgraded its growth rate forecast for Nigeria’s Gross Domestic Product (GDP) in 2019 to 2.3 per cent, while retaining 2.1 per cent for 2018, citing improved crude oil prices.
The IMF announced the upgrade in its World Economic Outlook Update for July, entitled: “Less Even Expansion and Rising Trade Tensions’’.
The 2019 GDP growth forecast of 2.3 per cent announced for Nigeria was 0.4 percentage points higher than the 1.9 per cent announced in April this year by IMF.
Though the IMF retained GDP growth forecast of 3.4 percent for the Sub-Saharan Africa in 2018, it upgraded its forecast for 2019 to 3.8 percent from 3.7 percent announced in April, citing a rise in commodity prices.
The upgraded forecast reflects improved prospects for Nigeria.
Yusuf noted that the 2.3 economy projection was attainable if the government policy on growing the local economy was sustained.
“The current economic policy of the Federal Government is on the right track and the government needs the support of Nigerians to exceed the current level.
“Nigerians should be patient with the government and its programmes to grow the economy, as prosperity takes time before it is felt,” he said.
Yusuf also urged the Federal Government to ensure that the 41 items banned by it were adequately produced locally to grow the economy.
He said that the government policy on rice sufficiency, mining and the development of business clusters in the six geo-political zones would ease the cost of doing business.
The banned items include toothpicks, wooden doors, rice, cement, margarine, Palm kernel/Palm oil products/vegetable oils, meat and processed meat products, vegetables and processed vegetable products.
Others are poultry chicken, eggs, turkey private airplanes/jets, Indian incense, Tinned fish in sauce (Geisha)/sardines, cold rolled steel sheets, galvanized steel sheets, roofing sheets, wheelbarrows, head pans, metal boxes, and containers, among others.
He added that more efforts from the government would resolve the crisis in some middle belt states in order to harness the agricultural potential of the areas.
“It is unfortunate that some states in central Nigeria are still witnessing insecurity challenges, though it is an age long problem.
“We just have to support the government’s effort in finding a lasting peace to that part of the country that is going through difficult times,” he said.
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