WASHINGTON (Reuters) - The International Monetary Fund (IMF) said on Thursday that it has again cut its growth forecast for Nigeria as the oil exporter faces "substantial challenges" from low crude prices.

In its annual review of Nigeria's economic situation, the IMF said that gross domestic product growth would slow to 2.3 percent in 2016 from an estimated 2.7 percent in 2015. In February, after IMF officials visited the country, the Fund had forecast 3.2 percent growth for Nigeria in 2016.

"Key risks to the outlook include lower oil prices, shortfalls in non-oil revenues, a further deterioration in finances of state and local Governments, deepening disruptions in private sector activity due to constraints on access to foreign exchange, and resurgence in security concerns," the IMF said in a statement.

It added that Nigeria's general government deficit would grow further after doubling to 3.7 percent of GDP in 2015.

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.

"Directors emphasized the critical need to raise non-oil revenues to ensure fiscal sustainability while maintaining infrastructure and social spending," the IMF said. "They urged a gradual increase in the VAT rate, further improvements in revenue administration, and a broadening of the tax base."

Discussions between Nigeria and the World Bank are continuing on a possible loan or credit facility that is tied to policy reforms in the West African oil exporter, a spokesman for the Washington-based multilateral lender said on Thursday.

(Reporting By David Lawder; Editing by Alistair Bell and Sandra Maler)
http://af.reuters.com/article/investingNews/idAFKCN0WY3PD

sending the wrong message to investors(foreign), the multiplier effect is going to be great

Lobatan!!! Nigeria we hail thee.

mitcheeeeeew nonsense.
who e been dey help. because naija refused to devalue naira ne?
intact god(if e dey) punish dem.
and as for buhari better start work oooooo.
wailers dey top league here, we dey zombies dey hiding ooo, better come back start work

Next time it would have reduced to zero percent.

#U cant give what u dont have.

Take it or leave it.

It's beyond talks. talk is cheap.

Why are they always talking about low oil price? Can somebody please tell them that our budget is no longer oil price dependent according to zombies and that the president is waiting for a month lesson on budget from his malams before he can sign it. They should just say it the way it is that, because of directionless leadership there is no more foreseeable growth but redundancy.

WASHINGTON (Reuters) - The International Monetary Fund (IMF) said on Thursday that it has again cut its growth forecast for Nigeria as the oil exporter faces "substantial challenges" from low crude prices.

Things are all going downhill since Bubu became president. The only thing going up is Buhari and Aisha's bank account.

And it keeps going down. Sai Baba.

Sai Baba

Don't take tins to serious...we are just here to catch fun

Hrhehe

Mumu IMF.. If you like, cut it to zero.
We won't devalue our naira.. Babangida that listened to you mor0ns how did it help Nigerians.

Lols ,I see nigeria becoming like sudan soon

Nigeria my mother land, Africa my father land Buhari I never loved this man for once I just don't know why? even if dem give me love potion Buhari I go still hate..

Cutting means no hope of growing
But.....
We will rise again
Above the sorrows and the pain
We wise rise about economic crises
Yes we would

I believe

Nigeria will rise again.

sLentlover7778:
Nigeria my mother land, Africa my father land Buhari I never loved this man for once I just don't know why? even if dem give me love potion Buhari I go still hate..

As if you have any options now.
Provided the guys are doing good internal calculations on how best to improve our economy, IMF, AU or werefa do not matter.

How many times have the developed or hemi-developed nations subscribed to all these calculations? They only do whatever needs done, not listening to some external bodies.

Their indexes, calculations may be helpful but rules are not to be followed strictly, else you become a zombie, a weakling who will never try adventures.

Wailers form sale reopened!

Which wasy Nigeria.



The negative news emanating here is sickening

Who cares

Opari!

IMF enemy of national development, we want it like that

Smh but why Nigeria?

dunno what to say. that is their own report, though those IMF people are most times on point like they are witches, I still hope Nigeria will pill through. o just wish the President will sit down at home s lil more, form an economy team and tackle the situation. I strongly believe that things can be better, only if we will do the needful and stop playing politics with the future of this country

Buhari led Government is a shame. The president's attitude toward the sufferings of the people sucks big time. Buhari, APC's biggest mistake. Even Tinubu now knows he wasn't the right choice but like Tinubu, many of us thought he is the best man for the Job. God help us, God help me. By the way, IMF can go to hell.

Even babies in the wombs knows Nigerians are in for a very tough time, funny enough, there is no end in sight to the hardship. Government is a continuum when it's time to loot and implement no developmental program but when is time to implement people oriented policies and programs, the issue of whose government is in power comes up. In the time of professor Bath Nnaji, power was reasonably okay , but immediately he left, every of his effort crumbled till this present day. When Dr. Akinwumi Adeshina was the minister of Agriculture, a bag of rice was almost sold at #6000, but today it is close to #140000. The years back our airports were taken new looks and smelling good, but today its becoming a poo. Why is our government no longer a continuum in order for an increase in the rate of growth? What stops them from using some of these brains for an increase in the standard of living of the Nigerian people.

Praizekeyz:
Don't take tins to serious...we are just here to catch fun

father and son..dem don't know

Bad rating but at least something is reducing in this country

If only we had a sound economic team this global embarrassment would have been averted!

I hear u

Buhari reminds me of Saul in the bible. He will go down like him.

Well too bad our economy is going downwards. I have hope that we will bounce back soonest. Most countries are in this mess due to crude oil prices, greedy investors and developed nations (America and Europe) sucking the life out of us (developing nations).

In another news, imf is looking for ways to force Nigeria to devalue the Naira against our will. They can't dictate what Nigeria should or will do, they can't tell us what is best for us because their aim is to empower or generate wealth for them and their host nations (e.g. France, America, UK etc.)

Please give us room to do what is right for us.

OK oooo