Nigerians Are Getting Poorer - IMF
Is the International Monetary Fund, IMF crying more than the bereaved or simply drumming a known reality into the ears of Nigerian authorities?
In a report released on Wednesday and seen by Reuters, the IMF said Nigerian people are getting poorer despite the country’s slow recovery from recession.
The Fund said economic reforms are urgently needed.
According to the report, the Fund expects the government to cope in the meantime but noted that even if any progress were to be made, “it could also be threatened if elections next year consume political energy and resources”.
It is no longer news that since emerging from recession in the second quarter of 2017, President Buhari’s men have repeatedly boasted that they have set the economy back on track.
But it is obvious that the economic recovery could not be separated from the oil price rebound and imcrease in crude production in the Niger Delta.
This is due to a halt in attacks on oil facilities by Niger Delta militants.
The IMF said in the report that the outlook for growth has improved but remains challenging.
“Comprehensive and coherent” economic policies “remain urgent and must not be delayed by approaching elections and recovering oil prices,” it said in its annual Article IV review of Nigeria’s economy.
“Higher oil prices would support a recovery in 2018 but a ‘muddle-through’ outlook is projected for the medium term under current policies, with fiscal dominance and structural constraints leading to continuing falls in real GDP per capita,” the IMF said.
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