“The Covid-19 pandemic has placed Nigeria at a critical juncture,” said an IMF blog in February. “The country entered the crisis with falling per capita income, high inflation, and governance challenges. Policy adjustments and reforms designed to shift the country from its dependence on oil and to diversify the economy toward private sector- led growth will set Nigeria on a more sustainable path to recovery”.
Responding to a question on the performance of the Nigerian economy, IMF Managing-Director Kristalina Georgieva in a recent interview with Today News Africa was optimistic about Nigeria’s economic outlook as oil prices recover due to increased demand (Nigeria is the largest oil producer in Africa and “has the largest natural gas resources on the continent”). She also cited the need for Nigeria “to strengthen its own resource base,” or in other words, “to increase government revenues”. Previously, the IMF had also recommended Nigeria make “exchange rate reforms”.
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