Nigeria Lowers 2018 GDP Growth Forecast to 3.5%

August 10, 2017
Nigeria Lowers 2018 GDP Growth Forecast to 3.5%

By Modupe Gbadeyanka

Federal Government has announced lowering of the country’s growth forecast for next year after considering different factors.

Minister of Budget and National Planning, Mr Udoma Udo Udoma, disclosed on Wednesday that the decision was taken at the weekly Federal Executive Council (FEC) meeting held in Abuja.

The meeting, presided over by the Acting President, Mr Yemi Osinbajo, took place yesterday at the Presidential Villa.

Mr Udoma said the council, at the meeting, approved lowering of the Gross Domestic Product (GDP) growth rate forecast for 2018 to 3.5 percent.

He said the Nigerian government had earlier projected a 4.8 percent growth rate for the country’s GDP for next year, but decided to review it downward.

The Minister noted that the Federal Government was committed to exploring ways of raising additional revenues to lower the debt service burden.

According to Reuters, government also approved its medium-term expenditure framework for 2018-2020.

Modupe Gbadeyanka

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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