TRIBUNE
The latest International Monetary Fund (IMF) report on the economic outlook for sub-Saharan Africa has indicated that Nigeria’s ongoing economic reforms are struggling to deliver meaningful results, even 18 months after their implementation.
The report, presented on Friday at the Lagos Business School (LBS) by IMF Deputy Director Catherine Patillo, highlighted a mixed performance of economic reforms across the region, with notable successes in countries such as Côte d’Ivoire, Ghana, and Zambia. However, Nigeria was conspicuously absent from the list of success stories.
According to the report, sub-Saharan Africa’s average economic growth rate is projected to remain at 3.6 per cent for 2024, but Nigeria’s growth rate, pegged at 3.19 per cent, falls below this average.
Patillo noted that while macroeconomic imbalances have reduced in several countries, Nigeria has yet to show similar progress.
“More than two-thirds of countries have undertaken fiscal consolidation. With the median primary balance is expected to narrow by 0.7 percentage points alone in 2024. And these have included notable improvements in Cote d’Ivoire, Ghana, and Zambia, among others’’.
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