By Andy Nssien
The International Monetary Fund (IMF) has stressed the need for structural reforms in Nigeria as a means to strengthen the per capita growth.
IMF said at a press conference on October World Economic Outlook that although there was a slight upward revision for growth in Nigeria this year that came mostly from strong agricultural production early in the year, it was not high enough to turn per capita growth into positive territory.
Two speakers at the press conference, Gita Copinath, the Economic Counsellor and Director of Research Department; Oya Celasun, Division Chief, Research Department, both from the IMF answered questions on the latest development in Nigeria.
Ms Copinath said in the case of Nigeria, a lot depended upon oil prices and oil prospects, but noted that there has been some weakness coming from that source.
“The important thing to keep in mind about Nigeria is that per capita growth remains weak. And this is why we call for structural reforms, she stated.”
According to Oya Celasun,“For some time now, we have been emphasizing the need for a comprehensive package to lift growth. One element of that will have to be stronger non‑oil revenue mobilization.”
Ms Celasun noted that Nigeria had one of the lowest rates of revenue in the world, which was hit hard by the drop in oil prices, adding, that was essential for the country to be able to spend more on priorities, such as social safety net and infrastructure.
Other areas, according to the IMF,were the need for tight monetary policy and a simpler unified exchange rate system.
Also, foreign exchange restrictions have also been distorting public and private sector decisions and holding back investment, the Fund stated.
According to the two speakers, strengthening the banking system’s resilience and continued stronger structural reforms, especially in infrastructure and the power sector and broader governance, were critical.
On the global economy, the IMF said it was downgrading growth for 2019 to 3 percent, its slowest pace since the global financial crisis.
It explained that growth continued to be weakened by rising trade barriers and growing geopolitical tensions.
“We estimate that the U.S.‑China trade tensions will cumulatively reduce the level of global GDP by 0.8 percent by 2020. Growth is also being weighed down by country‑specific factors in several emerging market and developing economies and also by structural forces, such as low productivity growth and ageing demographics in advanced economies,’ it stated.
“Now, we are projecting a modest recovery, to 3.4 percent in 2020, another downward revision of 0.2 percent from our April projections,”
Hello, Neat post. There’s a problem together with your website in internet explorer,
could test this? IE nonetheless is the marketplace chief and a large component
to people will leave out your magnificent writing due to this problem.
Great information. Lucky me I ran across your website
by accident (stumbleupon). I have bookmarked it for later!
I simply want to say I’m beginner to weblog and certainly enjoyed your website. Almost certainly I’m planning to bookmark your site . You really come with good articles and reviews. Many thanks for revealing your web page.
I have read so many content on the topic of the blogger lovers however this
paragraph is in fact a nice article, keep it up.
Hey check out high line pointe, run by adeline bababikov: 1291 South Ulster street, denver co 80231 manager@highlinepointe phone: 720-513-3865
high line pointe
high line pointe review
high line pointe apartments
high line pointe denver
south denver apartments
high line pointe denver
south denver apartments
It’s a pity you don’t have a donate button! I’d without a doubt donate to this fantastic blog!
I guess for now i’ll settle for bookmarking and adding your
RSS feed to my Google account. I look forward
to new updates and will share this blog with my Facebook
group. Chat soon!
Greetings I am so happy I found your website, I really found you by error, while I was searching on Askjeeve for something else, Regardless
I am here now and would just like to say thanks a lot for a remarkable
post and a all round enjoyable blog (I also love the theme/design), I
don’t have time to read it all at the moment but I
have saved it and also included your RSS feeds, so when I have
time I will be back to read much more, Please do keep up
the superb work.
Thanks , I have recently been searching for information about this topic
for a long time and yours is the best I’ve found out till now.
However, what in regards to the conclusion? Are you certain about the source?
I will immediately clutch your rss feed as I can’t in finding your email
subscription link or e-newsletter service. Do you’ve any?
Kindly let me realize so that I may subscribe. Thanks.
Appreciating the dedication you put into your site and detailed information you present.
It’s awesome to come across a blog every once in a while that isn’t
the same out of date rehashed material. Fantastic read!
I’ve bookmarked your site and I’m adding your RSS feeds to my Google account.
Excellent, what a webpage it is! This weblog
provides helpful information to us, keep it up.
I am extremely impressed with your writing skills as well as with the layout
on your weblog. Is this a paid theme or did you customize it yourself?
Either way keep up the nice quality writing, it is rare to see a nice blog like this one today.
I know this if off topic but I’m looking into starting my own weblog
and was curious what all is needed to get set up?
I’m assuming having a blog like yours would cost a pretty penny?
I’m not very web savvy so I’m not 100% sure. Any suggestions or advice would be greatly appreciated.
Kudos
Greetings! Very helpful advice within this post! It is the little changes that will make the biggest changes.
Thanks for sharing!
Pretty! This has been a really wonderful post.
Thanks for supplying this info.
It’s remarkable to pay a quick visit this web page and reading the
views of all colleagues on the topic of this post,
while I am also zealous of getting knowledge.
Hi my friend! I want to say that this article is awesome, nice written and come with almost all significant infos.
I would like to see more posts like this .
Heya! I just wanted to ask if you ever have any issues with hackers?
My last blog (wordpress) was hacked and I ended up losing
several weeks of hard work due to no data backup. Do you have any methods to prevent hackers?
ps4 games 185413490784 ps4 games
Good day! I know this is kinda off topic but I was wondering if you knew
where I could get a captcha plugin for my comment form?
I’m using the same blog platform as yours and I’m having trouble finding one?
Thanks a lot! ps4 games 185413490784 ps4 games
I’m not sure exactly why but this blog is loading extremely slow for me.
Is anyone else having this issue or is it a
problem on my end? I’ll check back later on and see if the problem still exists.
Outstanding story there. What happened after? Good luck!
Nice post. I used to be checking continuously this blog
and I am inspired! Very useful information specifically the final
phase 🙂 I deal with such information a lot. I used to be looking for this particular info for a long time.
Thanks and good luck.
I’ve been browsing online more than three hours today, yet I never
found any interesting article like yours. It is pretty worth enough
for me. In my view, if all site owners and bloggers made good content as
you did, the net will be much more useful than ever before.
Thank you a lot for sharing this with all people you really understand what you are talking approximately!
Bookmarked. Kindly also talk over with my site =).
We will have a hyperlink change agreement among us
This blog was… how do I say it? Relevant!!
Finally I have found something which helped me. Kudos!
I really like your blog.. very nice colors & theme. Did you create this website yourself
or did you hire someone to do it for you? Plz respond as I’m looking
to create my own blog and would like to find out where u got this
from. thanks a lot 0mniartist asmr
Pretty! This was an extremely wonderful post. Thanks for supplying this info.
you’re truly a good webmaster. The web site loading speed is amazing.
It seems that you’re doing any unique trick. Also, The contents are masterpiece.
you have performed a excellent job on this subject!
Nice post. I learn something totally new and challenging on websites I
stumbleupon every day. It’s always helpful to read content from other authors and practice something from
their sites.
Good day! This post couldn’t be written any better!
Reading this post reminds me of my previous room mate! He always
kept talking about this. I will forward this post
to him. Fairly certain he will have a good read. Thank you for
sharing!
What’s up, the whole thing is going fine here and ofcourse every one is sharing information,
that’s really good, keep up writing.
I just couldn’t leave your site before suggesting
that I really loved the usual information an individual provide on your
guests? Is going to be back frequently in order to inspect new posts
scoliosis
I absolutely love your blog.. Great colors & theme.
Did you develop this website yourself? Please reply back as
I’m wanting to create my own personal site and want to know where you got this from or exactly what the theme is
called. Kudos! scoliosis
Hello it’s me, I am also visiting this web site regularly,
this web site is really pleasant and the users are genuinely sharing fastidious thoughts.
Hi there, its pleasant article regarding media print, we all know media is a fantastic source of facts.
It’s a shame you don’t have a donate button! I’d most certainly donate
to this fantastic blog! I guess for now i’ll settle for book-marking and adding your RSS feed to my Google account.
I look forward to new updates and will talk about this website with my Facebook group.
Chat soon!
Aw, this was an exceptionally nice post.
Taking a few minutes and actual effort to produce a very good article… but
what can I say… I hesitate a whole lot
and never manage to get nearly anything done.
Hello i am kavin, its my first occasion to
commenting anyplace, when i read this piece of writing i thought i could also create comment due to this good post.