Covid-19: IMF Doubtful of Nigeria’s Full Economic Recovery Before 2022
Finance Minister
The International Monetary Fund Monday said there was doubt that Nigeria will recover fully from the effect of the coronavirus pandemic before 2022.
According to the international monetary organistion, Nigeria’s recovery would be expected to be weak and gradual with current policies.
In a report titled ‘IMF executive board concludes 2020 Article IV consultation with Nigeria’, the agency however said Nigeria’s real gross domestic product is expected to recover before 2022 to its pre-pandemic level.
The recovery would be positive at 1.5 percent, the global financial institution said.
According to the report, “Nigeria’s recovery is expected to be weak and gradual under current policies. Real GDP growth in 2021 is expected to turn positive at 1.5 per cent. Real GDP is expected to recover to its pre-pandemic level only in 2022.
“The COVID-19 pandemic has placed Nigeria at a critical juncture.
“The country entered the crisis with falling per capita income, high inflation, and governance challenges.
“Policy adjustments and reforms designed to shift the country from its dependence on oil and to diversify the economy toward private sector-led growth will set Nigeria on a more sustainable path to recovery.”
According to the international monetary organistion, Nigeria’s recovery would be expected to be weak and gradual with current policies.
In a report titled ‘IMF executive board concludes 2020 Article IV consultation with Nigeria’, the agency however said Nigeria’s real gross domestic product is expected to recover before 2022 to its pre-pandemic level.
The recovery would be positive at 1.5 percent, the global financial institution said.
According to the report, “Nigeria’s recovery is expected to be weak and gradual under current policies. Real GDP growth in 2021 is expected to turn positive at 1.5 per cent. Real GDP is expected to recover to its pre-pandemic level only in 2022.
“The COVID-19 pandemic has placed Nigeria at a critical juncture.
“The country entered the crisis with falling per capita income, high inflation, and governance challenges.
“Policy adjustments and reforms designed to shift the country from its dependence on oil and to diversify the economy toward private sector-led growth will set Nigeria on a more sustainable path to recovery.”
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