The International Monetary Fund (IMF) has highlighted Nigeria’s economic reforms as struggling to deliver meaningful results, 18 months after implementation.
The report, presented Friday by IMF Deputy Director Catherine Patillo at the Lagos Business School, noted successes in countries such as Côte d’Ivoire, Ghana, and Zambia. However, Nigeria’s growth rate of 3.19 percent falls below the sub-Saharan Africa average of 3.6 percent.
Nigeria ranked among the region’s worst performers in exchange-rate stability, with ongoing currency depreciation and volatility. Debt servicing also remains a significant challenge, consuming substantial revenue. “In Angola, Ghana, Nigeria, and Zambia, this increase in interest payments alone absorbed a massive 15 percent of total revenue,” the report stated.
The IMF linked Nigeria’s struggles to political unrest, public dissatisfaction, and tight financing. “Resource-intensive countries continue to grow at about half the rate of the rest of the region, with oil exporters struggling the most,” it said.
The report recommended rethinking reform strategies, emphasizing public engagement and trust-building. “This will require greater attention to communication and engagement strategies, reform design, compensatory measures, and rebuilding trust in public institutions,” it advised.
—Ezinwanne Onwuka reports for TruthNigeria from Abuja.
