The International Monetary Fund has lauded President Bola Tinubu’s administration for embarking on structural reforms, to revive the economy of the country.
IMF in a statement summarising its assessment of the Nigerian economy, published on Friday, projecting the country’s economic growth to reach three per cent in 2024, claimed that ex-Presidents Muhammadu Buhari, Goodluck Jonathan and Olusegun Obasanjo “shied away from,” from the kind of economic reforms Tinubu embarked on.
According to the projection by the global financial institution, Nigeria’s economy will grow by three per cent in 2024.
“The new administration has made a strong start, tackling deep-rooted structural issues in challenging circumstances. Immediately, it adopted two policy reforms that its predecessors had shied away from fuel subsidy removal and the unification of the official exchange rates,” IMF said.
“Growth is projected at 2.9 per cent for 2023 and 3 per cent in 2024, as hydrocarbon performance revives, including from better control of theft.
“If the authorities succeed in developing and implementing a comprehensive reform agenda, the medium-term outlook would be much improved,” it added.
The organization however admitted that “per-capita growth in Nigeria has stalled, poverty and food insecurity are high, exacerbating the cost-of-living crisis. Low reserves and very limited fiscal space constrain the authorities’ option space.”
