Nigeria’s 3.87% growth too weak to deliver shared prosperity — KPMG - Businessday NG

Tola Adeyemi, senior partner, KPMG, presenting his paper.

Nigeria’s current economic growth rate of 3.87 percent is below the level required to deliver shared prosperity, Tola Adeyemi, CEO of KPMG One Africa, has said.

Adeyemi, speaking at the 14th BusinessDay Annual CEO Forum in Lagos, said Nigeria needed to grow at least twice as fast as its population growth rate to ensure that economic expansion translates into improved living standards for its citizens.

He said with Nigeria’s population growing at about 2.09 percent annually, the economy would need to expand by around 4.2 percent to create the conditions for shared prosperity.

“GDP growth should be around 4.2 percent or higher. Nigeria is currently at 3.87 percent, although the trend is upwards,” Adeyemi said.