The International Monetary Fund (IMF) says Nigeria’s economic outlook remains challenging. Africa’s most populous nation has seen food prices going up due to the current Russia-Ukraine conflict.
The IMF says Nigerian inflation has gone up by 17% and the Central Bank of Nigeria has recently hiked its monetary policy rate. It has also called on policymakers to design measures that will protect the vulnerable in these tough times.
The IMF has concluded its visit to Nigeria. It says GDP growth in that country is expected to remain at 3, 4 %.
The international lender has cautioned that some of the downside risks include deterioration of security conditions, upcoming elections, low vaccination rates against COVID-19 and higher global interest rates.
The IMF says the start of operations at the Dangote refinery and decisive steps to mobilize revenues could spur inclusive growth in Nigeria.