The International Monetary Fund, IMF, last week, after conducting a review of Africa’s largest economy, said Nigeria is exiting recession but its economy remains vulnerable
“Overall growth is slowly picking up but recovery remains challenging,” the IMF said in a statement about the review.
Macroeconomic and structural reforms remain urgent to contain any vulnerability, it said. “In the absence of new policies, the near-term outlook remains challenging,” the IMF said.
The IMF made broadly similar statements earlier this year, a sign that little progress had been made.
President Muhammadu Buhari who campaigned on vows to fix Nigeria’s economy has struggled to follow through with plans to reduce the country’s dependence on oil.
Much of Nigeria’s recovery since the second quarter has been driven by crude production which accounts for roughly two-thirds of government revenue despite the government’s assertion that it was investing in infrastructure and key industries such as agriculture to drive employment and boost growth, Reuters reports.
