Former director, budgeting department, Central Bank of Nigeria (CBN), Titus Okunrounmu, says Nigeria’s economy can grow by between seven and 10 percent annually if necessary measures are put in place.
Okunrounmu stated this while speaking with journalists in Ota, Ogun State, on Thursday.
The former CBN director was reacting to the International Monetary Fund (IMF) projection that Nigeria economy would grow by 2.5 per cent in 2021.
Recall that the IMF on Tuesday revised the projected growth of Nigeria’s economy in 2021 to 2.5 percent, from its earlier projection of 1.5 percent announced in January.
Okunrounmu said that the projection of 2.5 percent by the IMF was low for the country.
He said there were some countries in Africa that had been recording a growth rate of between six percent and seven percent in the last three years.
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The ex- CBN director urged the Federal Government to rebuild its refineries and produce refined products that could generate more revenue for the country rather than export crude oil.
“If the country could refine all the crude products we have, some countries of the world will be coming to Nigeria to buy from us.
“The country’s refineries should be working so as to generate employment and provide all by-products that the nation needs to make Nigeria a great country. Our balance of payment will be buoyant and the nation’s exchange rate will be stabilised,” he said.
Okunrounmu stressed the need for the government to get things done in a better way, as the country was not meant to be a poverty-stricken nation. He also suggested that the Federal Government could make emphatic efforts in diversifying more to agriculture.
According to him, there is nothing planted in the country that will not grow.
