NIGERIA EXITING RECESSION BUT ECONOMY REMAINS VULNERABLE – IMF
source : http://www.eyesoflagos.com/2017/12/nigeria-exiting-recession-but-economy.html

Nigeria is exiting recession but its economy remains vulnerable, the International Monetary Fund (IMF) said on Friday, after conducting a review of Africa’s largest economy.
The regional power climbed out of its first recession in a quarter of a century in the second quarter, but economic growth remains sluggish. That has contributed to a cycle of poverty that drives Nigeria’s yawning wealth inequality as well as social unrest.
“Overall growth is slowly picking up but recovery remains challenging,” the IMF said in a statement about the review.
Macroeconomic and structural reforms remain urgent to contain any vulnerability, it said.
“In the absence of new policies, the near-term outlook remains challenging,” the IMF said.
The IMF made broadly similar statements earlier this year, a sign that little progress had been made.
Eyes Of Lagos gathered that, The administration of President Muhammadu Buhari, who campaigned on vows to fix Nigeria’s economy, has struggled to follow through with plans to reduce the country’s dependence on oil.
Much of Nigeria’s recovery since the second quarter has been driven by crude production, which accounts for roughly two-thirds of government revenues, despite the government’s assertions they are investing in infrastructure and key industries such as agriculture to drive employment and boost growth.
“Growth is expected to continue to pick up in 2018 to 2.1 percent, helped by the full year impact of greater availability of foreign exchange and higher oil production, but to stay relatively flat in the medium term,” said the IMF.
Low oil prices, security issues and a lack of policy all threaten the country’s economic recovery, the lender said.
The naira’s exchange rate, still controlled by the government and central bank, remains a bugbear after more than a year of efforts to convince the administration to liberalise the currency.
“Moving toward a unified and market-based exchange rate as soon as possible while continuing to strengthen external buffers would be necessary to increase confidence and reduce potential risks from capital flow reversals,” said the IMF.
Earlier on Friday, Nigeria’s stats office said that four in every ten members of the country’s workforce were unemployed or underemployed at the end of September.

The economy will remain vulnerable as long as a dullard reamins incharge

Nigeria econony has always been vulnerable and will always remain so as long we refuse to diversify. an economy based almost entirely on oil. It is boldly written on the skies that the value and relevance of oil will continue to decline as there are improvements in other cheaper and eco-friendly energy sources.

for some of us who dont know, Africa has d highest number of active youths in the world (ages 18-45) with Nigeria a major addition to that stats. so it baffles me that our govt cant take positive advantageof this only to use them as thugs and tools for societal- unrest.

our president dnt knw how to make money

Oluku iberibe a no na aso rock amaghi ife bu economics.
Itiboribo ka okikpo ahu bu.
Ifuna na ana gi akpo adeosun afa Di ka fa ji na akpo iweala afa mgbe owu minister na ahu maka ego.

Truth is Nigeria is not really out of recession. Fact is that GDP has depreciated so badly it can't go any further negatively. As such it just stays stagnant or hover marginally.

So anyone expecting a positive economic outlook is on a long thing

But all the goats said that we have exited recession months ago

It is natural. Exit first, then stabilise.

Every now and then 9ja don de leave recession.

But since na Bubu or abi Jubrin de there ,the vulnerability of the economy go triple that's of we continue to to behave like mumu.

Jubrin or Bubu easy ohhhn

∆Nigeria exiting recession but Economy remains vulnerable....

We don't need English. ∆

IMF is confuse like Buhari. The last time I checked dollar is still N367. Until I see that forex back to N165 then I will believe this propaganda

When you just had unprotected sex, you start seeing strange things. Even number plate be like, HIV644Q , ARV548G , STD143H , DIE980T.