Nigeria’s economy can grow up by to 10% annually – Ex-CBN Director

Dr Titus Okunrounmu, former Director, Budgeting Department, Central Bank of Nigeria (CBN), says Nigeria’s economy can grow by between seven per cent and 10 per cent annually if the necessary measures are put in place.

Okunrounmu made the projection in an interview with the News Agency of Nigeria (NAN) on Thursday in Ota, Ogun.

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 per cent, from its earlier projection of 1.5 per cent announced in January.

Okunrounmu said that the projection of 2.5 per cent 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 per cent and seven per cent in the last three years.

The ex- CBN director urged the Federal Government to, rather than export the nation’s crude oil to the world, rebuild the refineries and produce refined products that could generate more revenue for the country.

“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.(NAN)