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Zainab Ahmed: Nominal GDP to rise to N184 trillion in 2022
Minister of Finance, Budget, and National Planning, Zainab Ahmed
The FG through the Minister of Finance, Budget, and National Planning Mrs Zainab Ahmed has revealed that it expects Nigeria’s nominal GDP to rise from N168.60 trillion in 2021 to N184.3 trillion in 2022.
Zainab Ahmed disclosed this during the public presentation and breakdown of the 2022 budget held in Abuja, this week.
On a presentation of the key macroeconomic projections, she also added that the real GDP forecast for the year is expected to be 4.2% in 2022 and 3.3% by 2024.
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While speaking at the presentation, Mrs Ahmed said, “Consumption is projected to increase by about 9.36% from a revised N136.57 trillion in 2021 to N149.35 trillion in 2022.”
She added that Nominal GDP is projected to rise from N168.60 trillion in 2021 to N184.38 trillion in 2022 and then up to N221.78 trillion in 2024.
“Real GDP growth forecast is 4.2% in 2022, 2.3% for 2023 (election year impact) and 3.3% in 2024,” Ahmed added.
For inflation, the minister stated that it is projected to be double-digit in the medium-term given structural issues impacting the cost of doing business, including high food distribution as a steady decline of inflation is expected to sustain for the year.
