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