The Executive Board of the IMF stated this in its report at the conclusion of the Board’s consultation with Nigeria, according to a statement issued in Washington, DC by a spokesperson for the Fund, Lucie Fouda.NAN reports“Real GDP increased by 1.9 per cent in 2018, up from 0.8 per cent in 2017, 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.
The bank said a large infrastructure gap, low revenue mobilisation, governance and institutional weaknesses, continued foreign exchange restrictions, and banking sector vulnerabilities were dampening long-term foreign and domestic investment and keeping the economy reliant on volatile oil prices and production.
“On the downside, additional delays in reform implementation, a persistent fall in oil prices, reduced oil production, increased security tensions, or tighter global financial market conditions could undermine growth, provoke a market sell-off, and put additional pressure on reserves and/or the exchange rate,” the Fund said.
They stressed the importance of strengthening domestic revenue mobilisation, including through additional excises, a comprehensive Value Added Tax reform, and elimination of tax incentives. Directors commended the authorities’ commitment to unify the exchange rate and welcomed the increasing convergence of foreign exchange windows.
IMF of all ppl
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