The IMF today stated that the Nigerian economy is projected to grow by almost 2% by next year 2018. But unfortunately the impact of this perceived economic growth will not be felt because of population growth in the country. This information was made public by the Division Chief, Research Department, IMF, Oya Calesun, at the World Economic Outlook (WEO) released Tuesday at the IMF/World Bank Annual Meetings in Washington D.C. In sub-Saharan Africa, the IMF also forecast that the Nigerian economy would grow faster than South Africa’s in 2017.
He further stated that the the Nigerian economy grew by 0.55 per cent in the second quarter of 2017, signposting the end of a crippling recession after five consecutive quarters of contraction this was partly influenced by growth in the oil sector and agriculture.
The IMF in its report, however, stressed that the Nigerian economy was not yet out of the woods, noting concerns about policy implementation and market segmentation in the foreign exchange (Forex) market that was still dependent on the central bank’s interventions (despite initial steps to liberalize the foreign exchange market).