on May 29, President Bola Tinubu set a target to increase the GDP growth rate of the country by 6 percent on average in the next 4 years through budgetary reforms aimed at stimulating the real sector of the economy.
“For example, the consensus analysts is a GDP growth in 2023 of between 2.7-3.2%. Thus, if we assume a GDP growth of 3% in the first year, the economy will then have to grow by an average of 7% for the subsequent 3 years and moving growth from a forecasted 3% in 2023 to at least 7% in 2024 and afterwards seems overly ambitious,” the firm said.KPMG said attaining a 6 percent real GDP growth on average from 2023 to 2026 means growing the value of real GDP from N74.6 trillion in 2022 to N92.
KPMG, however, said that while the 6 percent target is unlikely to be achieved, the best possible GDP growth rate to be achieved within the next 4 years would be between 4 to 4.5 percent.“In conclusion, while we expect stronger year on year growth over the next few years, we are of the opinion that there is very limited space to attain a 6% average real growth rate in 4 years or an increase in real GDP by N17trillion,” KPMG in Nigeria said.
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