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

nigeria economy
nigeria economy

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.

Make lots of money by Selling your post-UTME past questions for any school on – Get 50% from all sales and get paid within 48hrs. Mail us on:, Call or Whatsapp: 08141171945. Click here to register

whatsapp icon

Have a story to tell, or images to share on breaking news in Nigeria or beyond? Send them to FINANCIAL WATCH via Whatsapp (081 4117 1945)


AnsweredHassan Abdul asked 4 days ago • 
66 views7 answers1 votes
OpenOpeyemi Jerome asked 1 week ago • 
67 views0 answers0 votes
AnsweredMike Ugezeh asked 1 week ago • 
73 views1 answers3 votes
AnsweredAdeyemi Osas asked 1 week ago • 
71 views3 answers3 votes
OpenShola Williams asked 1 week ago • 
64 views0 answers1 votes


Comments expressed here do not reflect the opinions of  FINANCIAL WATCH or any employee thereof

Be the first to comment

Leave a Reply

Your email address will not be published.