CBN forecasts 3.24% growth in 2022 despite rising inflation

The Central Bank of Nigeria (CBN) has projected that the Nigerian economy will grow by 3.24 per cent in 2022, inspite of rising inflationary challenges occasioned by global socio-economic events.

Mr Godwin Emefiele, the CBN Governor, made this known on Monday while presenting a communique from the apex bank’s Monetary Policy Committee (MPC) meeting.

He said the International Monetary Fund (IMF) also projected the economy to grow at 2.7 per cent, while the Federal Government projected a 4.21 per cent growth.

Emefiele, however, said the MPC was concerned about the impact the global increase in petroleum and other products was having on the Nigerian economy.

“The committee further noted that this has resulted to inflation, and believes that specific actions need to be taken to ensure that this trend does not continue,” he said.

He urged the Nigerian National Petroleum Corporation (NNPC) to take urgent steps to ensure adequate supply of petroleum products.

The CBN Governor condemned the rate of oil theft recorded in recent times, which had a debilitating impact on government revenue.

He assured that the proposed take off of the Dangote Refinery within the year would help to improve the supply of petroleum products across the country.