The International Monetary Fund in its latest report projected Sub-Saharan African Economy to grow by 2.6 percent and Nigeria 0.8%…
The forecast was, however, rejected by the Central Bank of Nigeria.
Yusuf Akogu reports that the International Monetary Fund global Economic Outlook report said the slow growth recorded by Sub-saharan African in 2016 was as a result of slum in commodity prices…caused by devastating droughts in several countries across the continent.
In its latest report, IMF says Nigerian economy is expected to growth by less than one percent this year…this is in contrast to the projection of 2.19 percent by Nigeria Economic Recovery and Group Plan.
This economic watcher believe that Nigerian economy will surpass IMF forecast if on- going interventions by the government are sustained.
Analysts have identified the approach by the government to address the Niger-Delta Militants as reasons for increase in the Nation’s Oil production.
A robust investments in Small and Medium Enterprises is identified as critical to getting the Economy on the path of growth.
Fitch Ratings says Nigerian banks are open to risks that undermine their ability to repeat the good financial performance recorded in 2016.