Nigeria’s economy is recovering – IMF

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The International Monetary Fund (IMF) says Nigeria’s economy is recovering, but persistent structural and policy challenges continue to constrain growth to levels that cannot reduce poverty and improve issues such as health and education.

This is according to the latest IMF executive board report released on Wednesday, April 3.

The report revealed that Nigeria’s economic growth will hover around 2.5 percent over the medium term, but with no growth in per capita income if current policies fail to give way to strong reforms.

The IMF, therefore, advised the need for revenue-based consolidation, the shifting of expenditure mix toward priority areas, while welcoming significant increase in public investment.

The IMF however commended Nigeria’s commitment to unify its exchange rate, while recommending credible time bound recapitalisation plan for weak banks, and the phase-out of the asset Management Corporation or AMCON.