Minister expects economy to grow by 3pc in 2019

Nigeria's Budget Minister Udoma Udo Udoma speaks during the public presentation and breakdown of 2018 Appropriation Act in Abuja, Nigeria. [Photo: Reuters]

ABUJA- 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.