Nigeria budget minister expects economy to grow by 3 pct in 2019

By Felix Onuah

ABUJA (Reuters) - Nigeria's economy is expected to grow by 2 percent this year and by 3 percent in 2019, the country's Minister of Budget Udoma Udo Udoma said on Wednesday.

The World Bank expects growth at slightly less than 2 percent in 2018, while and Nigeria's central bank predicts the economy will grow 1.75 percent this year.

"Our projection for the economic growth this year is 2 percent, we believe it will be achieved, and that of next (year), which is projected at 3 percent, will also be achieved," Udoma told reporters in Abuja.

"Our plans are working," he said, pointing to growth in the non-oil sector.

Nigeria's statistics office on Monday said the economy grew by 1.81 percent in the third quarter, after 1.95 percent and 1.50 percent in the first and second quarters.

A sluggish recovery since Nigeria emerged from recession in 2017 could bode poorly for President Muhammadu Buhari, who is seeking a second term in February 2019 elections and for whom economic rejuvenation has been a key pillar of policy.

(Reporting by Felix Onuah; Writing by Paul Carsten; Editing by Alexander Smith)

2018-12-12 17:09:10

© 2019 Thomson Reuters. All rights reserved. Reuters content is the intellectual property of Thomson Reuters or its third party content providers. Any copying, republication or redistribution of Reuters content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. Thomson Reuters shall not be liable for any errors or delays in content, or for any actions taken in reliance thereon. "Reuters" and the Reuters Logo are trademarks of Thomson Reuters and its affiliated companies.