According to its Media Chief for Africa, Lucie Mboto Fouda, in a statement on Wednesday, IMF noted Nigeria’s real GDP increased by 1.9 per cent in 2018, up from 0.8 per cent in 2017.“This is on the back of improvements in manufacturing and services, supported by spillovers from higher oil prices, ongoing convergence in exchange rates and strides to improve the business environment,“ IMF said.
IMF also noted that record holdings of mostly short-term local debt and equity and a current account surplus lifted gross international reserves to a peak in April 2018. Monetary policy focussed on exchange rate stability would help contain inflation, but worsen competitiveness if greater flexibility is not accommodated when needed.
“Bold reform efforts, following the election cycle, could boost confidence and investments, especially given relatively conservative baseline projections,” the IMF stated. They welcomed the authorities’ tax reform plan to increase non-oil revenue, including through tax policy and administration measures.
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