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The International Monetary Fund (IMF) is forecasting a decline in Nigeria’s growth this year to 2.3% from 2.7% in 2015.
Non-oil sector growth is projected to slow from 3.6% in 2015 to 3.1% in 2016 before recovering to 3.5% in 2017.
A statement released by the IMF on Thursday on the just concluded Article IV consultation with Nigeria shows that lower oil prices have significantly affected the nation’s economy, pushing government revenues lower to 7.8% of GDP in 2015.
The executive board of the IMF suggest an increase in non-oil revenues to ensure fiscal sustainability as well as the unwinding of forex restrictions to facilitate an exchange rate consistent with fundamentals.
While welcoming the recent monetary policy tightening by the CBN, the board recommend that the regulator targets price stability to maintain inflation within the target range.
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