KPMG Nigeria said the economic projection of President Bola Tinubu to increase Nigeria’s Gross Domestic Product (GDP) growth rate by 6% is not feasible.
This was disclosed on Friday in KPMG Flashnotes – Issue 8, which defended its statement by noting that Nigeria’s real GDP grew by about N17 trillion between 2010 and 2022.
According to the company, within 12 years, between 2010 and 2022, real GDP grew by about N17 trillion which will have to be replicated in just 4 years and within a much more challenging macroenvironment that cuts across the fiscal, monetary, external, and real sectors.
It added that GDP growth of 3% is assumed in the first year going by World Bank’s projection for 2023, 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 afterward, which seems overly ambitious.