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IMF reviews Nigeria’s GDP growth to 2.1% for the second time in 2019

Apr 10, 2019

The International Monetary (IMF) on Tuesday reviewed Nigeria’s Gross Domestic Product (GDP) projections for the second time in 2019 to 2.1 per cent.

The prediction is the second in 2019 after a January projection of 2 per cent from its initial figure of 2.3 percent.

This was disclosed by the Chief Economist and Director of the research department of the IMF, Gita Gopinath, at the 2019 World Economic Outlook ongoing at the IMF Spring meeting in Washington DC, United States.

Gopinath also stated that IMF has projected a further 3.7 percent expansion for the Sub Saharan Africa region in 2020 while that of Nigeria was projected at 2.5 percent.

She said,” “Nigeria growth was reasonably strong last year and we think that things will improve a bit going forward,” Gopinath stated at a press briefing in Washington.

“What’s very important is the oil price so to the extent that other global risks transmit into a weaker oil price or there are other developments that are oil market specific that would be a factor weighing on Nigeria,” she said.

She emphasized on the need to tighten the nation’s monetary policy .

“For monetary policy, it’s to stay tight for some more time. It has to be well communicated and transparent,” she submitted.