Nigeria’s Economic Crisis Remains Challenging – IMF

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Mediaage NG News – ABUJA, Nigeria

The International Monetary Fund (IMF) has described Nigeria’s economic state as challenging, urging the country’s authorities to employ immediate measures to stop the wide-spread hunger many in the country are battling with.

Increase in prices of food items have led to widespread unrest among Nigerians who came out protesting against the economic hardship in the country.

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The IMF said addressing food insecurity must be a priority and recent approval of an effective social protection system is important toward addressing the challenge.

It also warned that implementation will be crucial.

“With about 8 percent of Nigerians deemed food insecure, addressing rising food insecurity is the immediate policy priority. In this regard, staff welcome the authorities’ approval of an effective and well-targeted social protection system”, the IMF said after completing its 2024 Article IV Mission to Nigeria, while its team, led by Axel Schimmelpfennig, mission chief for Nigeria, visited Lagos and Abuja to hold talks with the Nigerian authorities between February 12 and 23, 2024.

“Nigeria’s economic outlook is challenging. Economic growth strengthened in the fourth quarter, with GDP growth reaching 2.8 percent in 2023.

“This falls slightly short of population growth dynamics. Improved oil production and an expected better harvest in the second half of the year are positive for 2024 GDP growth, which is projected to reach 3.2 percent, although high inflation, naira weakness, and policy tightening will provide headwinds”, it said.

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