Nigeria’s nominal GDP to rise N184.3trn in 2022- Finanace Minister

The Federal Government has revealed that it expects Nigeria’s nominal GDP to rise to N184.3 trillion in 2022 from N168.60 trillion in 2021.

The Minister of Finance, Budget, and National Planning, Mrs. Zainab Ahmed disclosed this during the public presentation and breakdown of the 2022 budget held in Abuja.

On a presentation of the key macroeconomic projections, she also added that real GDP forecast for the year is expected to be 4.2% in 2022 and 3.3% by 2024.

While speaking at the presentation, Mrs Ahmed said, “Consumption is projected to increase by about 9.36% from a revised N136.57 trillion in 2021 to N149.35 trillion in 2022.”

She added that Nominal GDP is projected to rise from N168.60 trillion in 2021 to N184.38 trillion in 2022 and then up to N221.78 trillion in 2024.

“Real GDP growth forecast is 4.2% in 2022, 2.3% for 2023 (election year impact) and 3.3% in 2024,” Ahmed added.

For inflation, the minister stated that it is projected to be double-digit in the medium-term given structural issues impacting cost of doing business, including high food distribution as a steady decline of inflation is expected to sustain for the year.

Recall that the Federal Government disclosed that it would be charging 6% tax on turnover on e-commerce businesses provided by non-resident companies in Nigeria.

The Federal Government also announced the introduction of excise duty of N10 per litre on all non-alcoholic, carbonated and sweetened beverages in the country.

The FG also stated that it expects up to 65% of its projected aggregate revenue to fund the 2022 budget to be sourced from non-oil means of taxation.

Nairametrics