Nigeria’s growth forecast will slow to 2.3% – IMF

The International Monetary Fund said it has cut its growth forecast for Nigeria due to persistent slide in its economy arising from low crude prices.

IMF in its annual review of Nigeria’s economic situation said that gross domestic product growth will slow to 2.3 per cent in 2016 from an estimated 2.7 per cent in 2015.

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It added that Nigeria’s general government deficit will grow further after doubling to 3.7 per cent of Gross Domestic Product (GDP) last year.

The IMF executive board said Nigeria needed to urgently implement policies to safeguard fiscal sustainability, reduce external imbalances and advance structural reforms that promote more inclusive growth.