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Nigeria's Economic Reforms Struggle With Inflation, Policy Challenges - IMF Report Reveals

F.Adenike

The Nigeria's economic reforms, initiated 18 months ago, are yet to deliver the anticipated positive outcomes.


The report paints a challenging picture for Nigeria, with its economic growth rate at 3.19%, falling short of the sub-Saharan Africa regional average of 3.6%.


A concern raised in the report is Nigeria's soaring inflation rate, currently at 33.8%, which starkly contrasts with the government's target of 21% for 2024.


This high inflation is compounded by issues in managing debt, foreign exchange, and fiscal stability, creating a complex economic landscape.


The IMF report notes, "Resource-intensive countries (RICs) continue to grow at about half the rate of the rest of the region, with oil exporters struggling the most."


It further emphasizes that "political and social pressures are making it increasingly challenging to implement policy adjustments and reforms."


Stakeholders in Nigeria's food sector have also voiced their concerns, criticizing the Federal Government's agricultural policies for poor implementation and negative impacts on food production.


According to Andrew Mamedu, Country Director of ActionAid Nigeria, "Despite efforts, Nigeria remains one of the most food-insecure nations in 2024."

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