Nigeria To Register Near 1% Economic Growth – IMF

Christine Lagarde, Head of the IMF (File Photo).

Lagos – NIGERIA’s economy is expected to register a 0.8 percent growth in 2017 but policy inconsistencies and banking system failures remain a threat, the International Monitory Fund (IMF) said.

The Federal government had projected a 2.19% growth this year.

However the IMF, in its World Economic Outlook (WEO) released Tuesday, narrowed the economic growth to 0.8% driven by a rebound in oil production and the agricultural sector.

“Growth in 2017 is projected at 0.8 percent, owing to recovering oil production and on-going strength in the agricultural sector,” the IMF said

“However, concerns about policy implementation, market segmentation in a foreign exchange market that remains dependent on Central Bank interventions (despite initial steps to liberalize the foreign exchange market), and banking system fragilities are expected to weigh on activity in the medium term.”