Saturday, April 10, 2021
Array

Current policies haven’t made Nigerian economy better – IMF

Headline

tiamin rice

The International Monetary Fund, IMF, has lamented that the current policies of the Nigerian government have not been to clearly move the country’s economy forward.

In a statement released on Wednesday, IMF said its position was based on its review of Nigeria’s recent economic and financial development and reform implementation.

It was led its mission chief for Nigeria, Amine Mati in Lagos on September 25 and in Lagos on October 7.

At the end of the assessment, Mr Mati said a slow economic recovery is continuing, inflation is falling, while external buffers are declining in the face of increased portfolio outflows.

READ  Presidency backs SSS over Mailafia’s drilling
READ  Buhari directs CBN to blacklist firms importing tomatoes, palm oil, cotton, 40 others

READ ALSO: We’re committed to addressing business challenges in Nigeria – Minister

He said elevated fiscal deficits currently rely on Central Bank of Nigeria financing, thus complicating monetary policy stance.

He said action on a coherent and coordinated set of policies is urgently needed to reduce vulnerabilities and increase growth over the medium term.

He said, “The pace of economic recovery remains slow, as depressed private consumption and investors’ wait-and-see attitude kept growth in the first half of the year at two per cent, a rate significantly below population growth.

READ  Buhari directs CBN to blacklist firms importing tomatoes, palm oil, cotton, 40 others

“Headline inflation has fallen, reaching its lowest level since January 2016, helped by lower food price inflation.

“Spurred by one-off increases in imports, the current account turned into a deficit in the first half of 2019 after three years of surpluses.

READ  Buhari directs uniform services, hospitals to patronise local textile industries

“Gross international reserves have fallen to below $42bn at end-August 2019, mainly reflecting a decline in foreign holdings of short-term securities and equity.

“The exchange rate in various windows remained stable, helped by steady sales of foreign exchange by the Central Bank of Nigeria.”

Related News

LEAVE A REPLY

Please enter your comment!
Please enter your name here
READ  Nigerian govt to procure more scanning machines for cargo clearance at sea ports

Latest News

cosgrove