Nigerians Are Getting Poorer, Says IMF
The International Monetary Fund, IMF has said that Nigerians are becoming poorer despite that the country is slowly recovering from the recession.
In a report by Reuters, the IMF noted that the situation might be worse as the country would be going for election in 2019 in which much of its resources would be spent at the polls.
According to the report, the country did not do anything spectacular to get out of recession but the increased price of oil in the global market and of course the ceasefire by the militants in the Niger Delta had helped the economy.
The outlook for growth had improved but remained challenging, the International Monetary Fund had posited.
“Comprehensive and coherent” economic policies “remain urgent and must not be delayed by approaching elections and recovering oil prices,” it stated in its annual Article IV review of Nigeria’s economy.
The organization suggested a muddle-through strategy to propel the medium term under current policies, with fiscal dominance and structural constraints.
The report warns about the risk to grow, which of course may be due to insecurity and the coming election, calling on the government to be very careful about spending at the polls.
“Further delays in policy action, including because of pre-election pressures, can only make the inevitable adjustment more difficult and costlier,” the report added.