IMF tasks Nigeria on improving 0.8% growth projection for 2017

Though Nigeria expected to witness a slight Economic growth of 0.8 per cent by the end of 2017, it is lesser than projected growth rates in South Africa and Egypt, according to the International Monetary Fund (IMF).

The IMF had however earlier noted in its World Economic Outlook (WEO) report released in July of 2017, that Nigeria will grow at 1.9 percent in 2018, while South Africa will only grow by 1.2 percent.

In its report on Wednesday, IMF said the relative economic growth is a sign of expected slight recovery after passing through its worst recession in more than two decades in 2016.

Read also: In reverse fortunes, Nigeria to grow faster than S’Africa in 2018- IMF

It further stated that the country could still achieve better growth if it promoted more liberal economic policy, bordering on government divesting from public investments.

IMF said, however, that near-term risks to Nigeria’s recovery remained elevated and that the growth would not be sufficient to reduce unemployment and poverty in Africa’s biggest economy.

It would be recalled that IMF has maintained that until Nigeria sells its investments in national assets, including NLNG and refineries, it would not get out of the woods.

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