IMF Cuts Nigeria’s 2020 Growth Forecast To Two Percent
The International Monetary Fund has cut down its 2020 Gross Domestic Product forecast for Nigeria to two percent, from the 2.5 per cent it had predicted earlier.
“Inflation—driven by higher food prices—has risen, marking the end of the disinflationary trend seen in 2019. External vulnerabilities are increasing, reflecting a higher current account deficit and declining reserves that remain highly vulnerable to capital flow reversals. The exchange rate has remained stable, helped by steady sales of foreign exchange in various windows.
The IMF lauded the Federal Government for taking a number of steps to boost revenue through the adoption of the Finance Bill and Deep Offshore Basin Act and improve budget execution by adopting the 2020 budget by end-December 2019. “Major policy adjustments remain necessary to contain short-term vulnerabilities, build resilience, and unlock growth potential.
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