The International Monetary Fund (IMF ’s regional economic outlook for Sub-Saharan Africa, released today (Friday), predicts that diversified economies like Senegal and Tanzania will experience growth above the regional average at 3.6percent, while Nigeria is expected to lag, with a growth rate of only 2.9% in 2024.
Speaking at the African Department press briefing at the Worldbank/IMF Annual Meetings in Washington DC, IMF African Regional Director, Abebe Selassie noted that Nigeria has faced significant macroeconomic imbalances and financing difficulties that have hindered its growth.
He emphasized the need for the Nigerian government to redirect the accrued funds from the Oil subsidy removal to cushion the effects of the hardships on vulnerable Nigerians, as these unaddressed issues have contributed to high inflation and increased the cost of living.
Our correspondent, Raliat Adenekan reports that IMF African Director while fielding questions from Reporters said there’s no Funding request from Nigeria to IMF, noting that every country that is in good standing with the organisation is allowed to borrow and have access to the “concessional financing.
According to IMF’s report released it projected a drop from 50.7 per cent to 49.6 per cent next year in Nigeria’s debt-to-Gross Domestic Product (GDP) ratio.
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