Nigeria s Economic Growth: Removal Of Subsidy, 17 Other Critical Findings Of IMF – Channels Television channelstv.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from channelstv.com Daily Mail and Mail on Sunday newspapers.
The International Monetary Fund (IMF) has called on the Federal Government of Nigeria to completely remove fuel and electricity subsidies early next year. The Washington-based organisation, in its preliminary findings at the end of its official staff visit to the country under the Artile IV Mission, also called for reforms in the fiscal, exchange rate,…
What is the economic outlook for Nigeria in 2021 and beyond?
Nigeria’s recovery is expected to be weak and gradual under current policies. Real GDP growth in 2021 is expected to turn positive at 1.5 percent. Real GDP is expected to recover to its pre-pandemic level only in 2022. The near-term outlook is subject to downside risks from pandemic-related developments with Nigeria experiencing a second wave. Over the medium term, a subdued global recovery and decarbonization trends are expected to keep oil prices low and Organization of the Petroleum Exporting Countries quotas in place, restricting oil-related activities, fiscal revenues, and export proceeds. Non-oil growth is also expected to remain sluggish, reflecting inward-looking policies and regulatory uncertainties.