Enterprise Television- The International Monetary Fund Warns Nigeria
The Gross Domestic Product (GDP) is doubtful of the growth being recorded in the Nigerian economy.
The IMF believes Nigeria will “muddle through” with its economic policies in the medium term.
The Fund advised that “comprehensive and coherent” economic policies “remain urgent and must not be delayed by approaching elections and recovering oil prices”.
The IMF added that while the broader economy is slowly exiting recession, real gross domestic product per capita is falling.
Meanwhile, Nigeria recorded a balanced economic growth in 2017 with encouraging growths seen in oil sector, non-oil sector and the services sector, an expert, Senior Special Assistant Economist at Renaissance Capital, Yvonne Mhango has observed.
The Gross Domestic Product (GDP) report for the fourth quarter of 2017 showed that Nigeria recorded 0.82% growth rate in 2017 and 1.92% growth rate in the final quarter of 2017.
According to Yvonne Mhango, there are three encouraging developments from the latest report, First, in 2017 the oil sector grew for the first time in six years, by 4.3%.
Second, the expert explained that in the fourth quarter of 2017, the non-oil sector grew by its fastest rate at 1.5% year-on-year in eight quarters.
Third, she expressed belief that the return to growth of the biggest services’ subsector, wholesale and retail trade, in the final quarter of 2017, after six quarters in decline, indicates the consumer may be on the cusp of a recovery.
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