IMF Projects Nigeria’s economy to grow 0.8 % in 2017

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Growth forecast for Nigeria’s ailing economy has been put at 0.8 per cent for 2017 in the World Economic Outlook report of the International Monetary Fund (IMF).

Presenting the report in Washington DC on Tuesday, Maurice Obstfeld, Economic Counsellor and Director of Research Department, attributed the projection to stability in crude oil production as well as “ongoing strength in the agricultural sector.”

In 2016, Nigeria’s economic growth was in the negative, while projections for 2017 by the managers of the economy had been put at 2.2 per cent.

Contrary to reports that the country had exited recession, Obstfeld said “Nigeria is expected to emerge from the 2016 recession caused by low oil prices and disruption of oil production.”

The IMF team, however, raised concerns about instability in the banking system, policy implementation and foreign exchange market dependency on the central banking.

The factors, the report said, could weigh on the country’s economic activities in the medium term.

The report added that growth for economies in the sub-Saharan Africa projected to be 2.6 per cent would come slowly but would be impacted upon by population growth.

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