Following the raging economy crisis, the International Monetary Fund, IMF, said that it has again cut its growth forecast.
Africa’s largest economy has for a while battled substantial challenges from low crude prices.
The IMF, in its annual review of Nigeria’s economic situation, the IMF said that gross domestic product growth will slow to 2.3 per cent in 2016 from an estimated 2.7 per cent in 2015.
It added that Nigeria’s general government deficit will grow further after doubling to 3.7 per cent of Gross Domestic Product (GDP) last year.
The IMF executive board said Nigeria needed to urgently implement policies to safeguard fiscal sustainability, reduce external imbalances and advance structural reforms that promote more inclusive growth.
