As the country recovers from the impact of the COVID-19 pandemic, it is projected to record a 3.49 percent annual growth in 2022 despite base effect, according to an economist and CEO of Financial Derivative Company, Bismarck Rewane.
“This will also be the first time in seven years, that the GDP growth rate will surpass the country’s population growth rate,” Rewane said at the Nigerian-British Chamber of Commerce (NBCC) 2022 Economic Outlook on Thursday.
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Rewane added that the growth will be propelled by the Information and Communications Technology (ICT) and the financial services sector.
He highlighted that as both sectors thrive and offer more convenient ways of doing things, going forward, it will lead to an increase in job loss which will also increase the crime rate.
“The economy will see a 90 percent surge in e-payment as well as an increased adoption of technology and digitization,” he said.
He added that the inflation figures will have an impact on the discussions of the Monetary Policy Committee (MPC), noting that inflation will remain structurally high with a full-year average of 13.3 percent.
