Nigeria needs adjustment over oil price – IMF

The International Monetary Fund says Nigeria’s economy remains in the zone of crisis, as returns from the oil commodity fall short of capacity to push the needed growth.

Maurice Obstfeld, Economic Counsellor and Director of Research, IMF,dropped the hint at the unveiling of the world economic outlook on the sidelines of the ongoing IMF/World Bank Spring meetings in the United States.

Obstfeld added Nigeria was still reeling under the challenges of 1.5 per cent contraction in 2016 which were due to disruptions in the oil sector coupled with foreign exchange, power and fuel shortages, some of which still remained unresolved and as such, must make serious adjustments

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