IMF projects that Nigeria’s economy will grow 0.8% in 2017

The International Monetary Fund (IMF) in its current World Economic Outlook projects that Nigeria’s economy will record a growth of 0.8 per cent for 2017.
Presenting the report in Washington DC on Tuesday, Maurice Obstfeld, Economic Counsellor and Director of Research Department, attributed the projection to stability in crude oil production as well as “ongoing strength in the agricultural sector.”
In 2016, Nigeria’s economic growth was in the negative, while projections for 2017 by the managers of the economy had been put at 2.2 per cent.
Contrary to reports that the country had exited recession, Obstfeld said “Nigeria is expected to emerge from the 2016 recession caused by low oil prices and disruption of oil production.”
The IMF team, however, raised concerns about instability in the banking system, policy implementation and foreign exchange market dependency on the central banking.
The factors, the report said, could weigh on the country’s economic activities in the medium term.
The report added that growth for economies in the sub-Saharan Africa projected to be 2.6 per cent would come slowly but would be impacted upon by population growth.