{"id":31272,"date":"2019-04-12T21:16:30","date_gmt":"2019-04-12T20:16:30","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=31272"},"modified":"2019-04-12T21:41:09","modified_gmt":"2019-04-12T20:41:09","slug":"nigeria-must-pursue-reforms-to-tackle-sluggish-growth","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/nigeria-must-pursue-reforms-to-tackle-sluggish-growth\/","title":{"rendered":"Nigeria Must Pursue Reforms To Tackle Sluggish Growth"},"content":{"rendered":"

Tayo Olanipekun, Washington DC<\/em><\/p>\n

The International Monetary Fund (IMF) has said Nigeria is one of about 24 resource-dependent economies facing sluggish growth and slower improvements in standards of livings and thus needs to pursue reforms to facilitate economic diversification.<\/p>\n

Speaking on Friday at the ongoing Spring Meetings of the Fund during the Regional Economic Outlook for Sub-Saharan Africa, IMF Director, African Department, Abebe Aemro Selassie, said the nation also needs to address \u201cremaining\u201d economic imbalances and have a strong focus to address constraints that are holding investments back.<\/p>\n

The IMF said the 24 countries, which also include some of the larger economies in the region like Angola and South Africa, account for more than 50 per cent of their region\u2019s output and that in many cases, private investments remain weak in the countries.<\/p>\n

It expressed optimism that increased trade integration in the region, which the African Continental Free Trade Area will facilitate once completed, will establish a market of 1.2 billion people with a combined GDP of $2.5trillion.<\/p>

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\u201cThe benefits could be substantial, particularly if countries tackle the non-tariff bottlenecks to trade, including by investing in infrastructure, lowering logistical costs and improving trade,\u201d said IMF Director.<\/p>\n

The Fund attributed the higher growth in the fast-growing economies like Benin, Ethiopia, Ghana and Senegal to public investments but cautioned that there is the need to hand over \u201cthe reins of growth from the public to the private sector.\u201d<\/p>\n

According to IMF, such public investments have translated into an increase in public debt levels. \u201cThere is a need to strike a better balance public debt increase on one hand and the continued investments that are needed in public investment,\u201d it cautioned.<\/p>\n

On the issue of conflict and its impacts on economies of countries in the Sahel and Lake Chad Basin, IMF said  it is discussing with country authorities how to \u201cminimize their diversion of resources away from much needed development spending.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Tayo Olanipekun, Washington DC The International Monetary Fund (IMF) has said Nigeria is one of about 24 resource-dependent economies facing sluggish growth and slower improvements in standards of livings and thus needs to pursue reforms to facilitate economic diversification. Speaking on Friday at the ongoing Spring Meetings of the Fund during the Regional Economic Outlook …<\/p>\n","protected":false},"author":9,"featured_media":12994,"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":[573,5475],"coauthors":[2387],"class_list":["post-31272","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-business","category-news","tag-imf","tag-sluggish-growth"],"yoast_head":"\nNigeria Must Pursue Reforms To Tackle Sluggish Growth - National Wire<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nationalwire.com.ng\/sub\/nigeria-must-pursue-reforms-to-tackle-sluggish-growth\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Nigeria Must Pursue Reforms To Tackle Sluggish Growth - National Wire\" \/>\n<meta property=\"og:description\" content=\"Tayo Olanipekun, Washington DC The International Monetary Fund (IMF) has said Nigeria is one of about 24 resource-dependent economies facing sluggish growth and slower improvements in standards of livings and thus needs to pursue reforms to facilitate economic diversification. 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