• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Features

Nigeria’s economic future looks challenging – IMF

1 year ago
in Features, highlights, Home, home-news, latest News
2 min read
0 0
0
39
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

RelatedPosts

President Mahama Targets Billion-dollar Ghana–Singapore Trade in 24-Hour Economy Pitch to Investors

Unpaid Taxes “Very Frightening”, Says Hon. Nana Osei-Adjei

Dollar Slides as Trump Fires Fed Governor Lisa Cook

Nigeria’s economic future looks challenging – IMF

The International Monetary Fund has reaffirmed its growth projection of 3.3% for Nigeria’s economy in 2024, compared to 2.9% last year. This forecast reflects improvements in the services and trade sectors.

However, the IMF noted that the growth outlook remains challenging for Africa’s most populous nation and leading oil producer. In March, food price inflation reached 40%, prompting concerns about food security.

According to the IMF mission chief for Nigeria, Axel Schimmelpfenning “If Nigeria grows at 3.3% that is just above the population dynamics, which is a big challenge.”

The Fund projected that fuel subsidies could be up to 3% of GDP this year due to the disparity between pump prices and their dollar cost, according to Schimmelpfennig. He further stated that officials are dedicated to gradually phasing out these subsidies within the next one or two years.

“The reforms are focused on how to raise that growth so that Nigerians can see real impacts on their living standards,” Schimmelpfenning said.

“We think a lot has happened. We also have to recognise that the problems built up over many years were quite severe. We can’t expect that everything is going to be resolved overnight,” he added.

Global rating agencies have upgraded Nigeria’s economic outlook as a result of reform efforts. Fitch, the latest agency to do so, has revised Nigeria’s outlook from stable to positive.

Schimmelpfenning noted that scaling up a cash transfer program and increasing government revenues to enhance service provision to citizens are key priorities.

In terms of monetary policy, the IMF commended the recent interest rate hikes by the Central Bank of Nigeria (CBN) to address rising inflation, calling for a data-driven approach for further rate adjustments.

The IMF encouraged the CBN to boost its foreign exchange reserves and suggested a transparent and balanced framework for forex interventions.

While the Nigerian currency was reported as the best-performing currency in the world, earlier in April, in February it was the worst-performing currency in the world, trading as high as N1,900 per US$.

However, the International Monetary Fund disclosed in April that this could be a pipe dream if Nigeria does not take on a fundamental approach to rejuvenating its economy. The IMF warned that the country’s economy could be at risk if it simply fails to produce.

Tags: IMFNigeria's economic futureNigeria's economic future looks challenging - IMF
No Result
View All Result

Highlights

IISD and IMANI to Host Roundtable Shaping Ghana’s New Independent Fiscal Authority

Premier League: Ngumoha’s Late Goal Seals Liverpool’s Thrilling Win Over Newcastle

US Open: Venus Williams and Keys Bow Out as Alcaraz Launches Campaign

GSE Opens Week Higher as CPC Posts First Gain of 2025

Asante Gold Announces Completion of $500m Financing Package to Boost Bibiani and Chirano Growth Plans

Gov’t Pledges to Intensify Reforms in Gold Sector Ahead of Crucial Anti-Money Laundering Assessment

Trending

Business

President Mahama Targets Billion-dollar Ghana–Singapore Trade in 24-Hour Economy Pitch to Investors

August 26, 2025

President Mahama Targets Billion-dollar Ghana–Singapore Trade in 24-Hour Economy Pitch to Investors President John Dramani Mahama has...

Unpaid Taxes “Very Frightening”, Says Hon. Nana Osei-Adjei

August 26, 2025

Dollar Slides as Trump Fires Fed Governor Lisa Cook

August 26, 2025

IISD and IMANI to Host Roundtable Shaping Ghana’s New Independent Fiscal Authority

August 26, 2025

Premier League: Ngumoha’s Late Goal Seals Liverpool’s Thrilling Win Over Newcastle

August 26, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.