Finance Minister, Seth Terkper says the government plans to achieve headline inflation of 10.1 per cent in 2016, as against the current high of 17.4 per cent in October 2015.Follow @Graphicgh
The target is among the government’s macroeconomic targets for 2016.
The detailed targets are as follows:
- Overall real GDP (including oil) growth of 5.4 percent;
- Non-oil real GDP growth of 5.2 percent;
- An end year inflation target of 10.1 percent;
- Overall budget deficit equivalent to 5.3 percent of GDP; and
- Gross international reserves of not less than three months of import cover of goods and services.
Macroeconomic Targets for the Medium-Term and 2016
The Finance Minister said based on the medium term macroeconomic framework, the specific macroeconomic targets to be pursued for the medium term (2015¬2018) include the following:
- An average real GDP (including oil) growth rate of at least 8.2 percent;
- An average non-oil real GDP growth rate of 6.9 percent;
- An inflation target of 8.0 percent with a band of ±2 percent;
- An overall Budget Deficit of 3.0 percent by 2018; and
- Gross International Reserves which will cover not less than four months of imports of goods and services.