{"id":21823,"date":"2018-03-01T12:53:52","date_gmt":"2018-03-01T11:53:52","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=21823"},"modified":"2018-03-01T12:53:52","modified_gmt":"2018-03-01T11:53:52","slug":"imf-says-nigerians-getting-poorer-calls-urgent-coherent-economic-policies","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/imf-says-nigerians-getting-poorer-calls-urgent-coherent-economic-policies\/","title":{"rendered":"IMF Says Nigerians Getting Poorer, Calls For \u2018Urgent And Coherent\u2019 Economic Policies"},"content":{"rendered":"

The International Monetary Fund (IMF) says Nigerians are getting poorer and that \u201ccoherent and comprehensive\u201d economic reforms are urgently needed in the country.<\/p>\n

The gross domestic product report released by the National Bureau of Statistics (NBS) on Tuesday showed that the economy recorded a growth of 0.83 percent in 2017.<\/p>\n

The Bretton Wood institution said it expects the government to \u201cmuddle through\u201d in the medium term, and any progress could also be threatened if elections next year consume political energy and resources.<\/p>\n

Reuters reports<\/strong><\/a>\u00a0that the IMF said that although the outlook for growth has improved, the climate still remained challenging.<\/p>\n

\u201cComprehensive and coherent economic policies remain urgent and must not be delayed by approaching elections and recovering oil prices,\u201d IMF said in its annual Article IV review of Nigeria\u2019s economy.<\/p>\n

\u201cHigher oil prices would support a recovery in 2018 but a \u2018muddle-through\u2019 outlook is projected for the medium term under current policies, with fiscal dominance and structural constraints leading to continuing falls in real GDP per capita.<\/p>

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\u201cFurther delays in policy action \u2014 including because of pre-election pressures \u2014 can only make the inevitable adjustment more difficult and costlier.\u201d<\/p>\n

The lender reteirated that Nigeria needs to simplify its complex foreign exchange system.<\/p>\n

\u201cMoving towards a unified exchange rate should be pursued as soon as possible. (IMF) staff does not support the exchange measures that have given rise to the exchange restrictions and multiple currency practices.\u201d<\/p>\n

It also said that the Central Bank of Nigeria (CBN) should stop its intervention activities in the foreign exchange market.<\/p>\n

The CBN has been injecting money into the forex market to ease the pressure on the naira.<\/p>\n","protected":false},"excerpt":{"rendered":"

The International Monetary Fund (IMF) says Nigerians are getting poorer and that \u201ccoherent and comprehensive\u201d economic reforms are urgently needed in the country. The gross domestic product report released by the National Bureau of Statistics (NBS) on Tuesday showed that the economy recorded a growth of 0.83 percent in 2017. The Bretton Wood institution said …<\/p>\n","protected":false},"author":6,"featured_media":21824,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[23,17],"tags":[573],"coauthors":[2391],"class_list":["post-21823","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-business","category-news","tag-imf"],"yoast_head":"\nIMF Says Nigerians Getting Poorer, Calls For \u2018Urgent And Coherent\u2019 Economic Policies - National Wire<\/title>\n<meta name=\"description\" content=\"The International Monetary Fund (IMF) says Nigerians are getting poorer and that \u201ccoherent and comprehensive\u201d economic reforms are urgently needed in the country. 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