IMF increases Nigeria’s 2021 economic growth forecast to 2.5%

…To recommend debt repayment relief The International Monetary Fund, (IMF), has revised upward its growth forecast for the Nigerian economy for 2021 to 2.5 percent, from its earlier projection of 1.5 percent it announced in January. The IMF announced the new projection in its World Economic Outlook update released yesterday. The new growth projection is 1.0 percent higher than the multi-lateral institution’s 2021 forecast in January, which was a downward review from the forecast it shared in October 2020. This is just as there are strong indications that Nigeria may…

Read More

IMF says Nigerian economy at ‘critical juncture’

Ø  Urges VAT hike The International Monetary Fund, (IMF), yesterday said the Nigerian economy is at a critical juncture, having been weakened by falling per capita income, double-digit inflation, limited buffers, significant governance vulnerabilities, and the global pandemic. The IMF said plunging oil prices and sharp capital outflows in the first quarter of 2020 significantly increased balance of payments pressures that caused output contraction, thus, exposing the economy to risks. In a report released yesterday, which follows consultation with authorities in Nigeria, the IMF emphasised the need for urgent policy…

Read More