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Nigerians Are Getting Poorer, Says IMF by ivandragon: 4:20am On Mar 01, 2018 |
Nigerians are getting poorer, says IMF Akinpelu Dada with agency report nigeria ’s people are getting poorer despite the country ’s slow recovery from recession and economic reforms are urgently needed , the International Monetary Fund has said . The Fund expects the government to “ muddle through ” in the medium term , and any progress could also be threatened if elections next year consume political energy and resources , it said in a report seen by Reuters on Wednesday . Since emerging from recession in the second quarter of 2017, Nigerian officials have repeatedly boasted that they have set the economy back on track . But critics say much of the recovery comes from a return to oil dependence after a rise in global oil prices and a rebound in crude production , more the result of militants in the Niger Delta halting attacks on oil facilities than of economic policy under President Muhammadu Buhari ’s administration . The IMF said in the report that the outlook for growth had improved but remained challenging. “ Comprehensive and coherent ” economic policies “ remain urgent and must not be delayed by approaching elections and recovering oil prices ,” it stated in its annual Article IV review of Nigeria ’s economy . “ Higher oil prices would support a recovery in 2018 but a ‘muddle - through ’ outlook is projected for the medium term under current policies, with fiscal dominance and structural constraints leading to continuing falls in real GDP per capita ,” the IMF added . In the report, it identified risks to growth , including additional delays to implementing policies and reforms ahead of the 2019 elections, security tensions , and oil prices , a fall in which could see capital flows reversed . “ Further delays in policy action , including because of pre - election pressures , can only make the inevitable adjustment more difficult and costlier ,” the report added . The lender repeated its call for Nigeria to simplify its complex foreign exchange system, a bugbear for the IMF for more than a year , which has left large gaps between official rates and various windows that certain groups can use to get other rates . “ Moving towards a unified exchange rate should be pursued as soon as possible . The IMF staff does not support the exchange measures that have given rise to the exchange restrictions and multiple currency practices ,” it stated. The Fund further singled out the central bank , saying it should discontinue direct interventions in the economy . The Central Bank of Nigeria frequently injects hundreds of millions of dollars into the foreign exchange market to keep its own rates stable . Commercial banks struggling to remain solvent were also called out, but not identified by the IMF , including one that the lender said was already insolvent , adding, “ Some of these banks are kept afloat through continuous recourse to the CBN ’s lending facilities .” The IMF said it would not comment on purported leaks . A spokeswoman for the Fund said a statement would be issued after the lender’s board ’s meeting to discuss its assessment on Friday. A spokeswoman for the Federal Ministry of Finance did not immediately respond to a phone call and email requesting comment . http://punchng.com/nigerians-are-getting-poorer-says-imf/ 8 Likes 3 Shares |
Re: Nigerians Are Getting Poorer, Says IMF by Sagamaje(m): 5:02am On Mar 01, 2018 |
Buharis ass lickers oya come and defend your pay master. Only a useless fool will defend a senseless and most useless president Nigeria ever had. Thunder fire all Nigeria haters supporting Cowhari 128 Likes 11 Shares
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Re: Nigerians Are Getting Poorer, Says IMF by Nobody: 5:10am On Mar 01, 2018 |
Interesting 1 Like 1 Share |
Re: Nigerians Are Getting Poorer, Says IMF by Turantula(m): 5:15am On Mar 01, 2018 |
National Geographic Channel just reported that Animals in Nigeria are getting richer despite the country's slow economic recovery. 107 Likes 5 Shares |
Re: Nigerians Are Getting Poorer, Says IMF by Positiveminds(m): 5:16am On Mar 01, 2018 |
When you have a President whose intelligence quotient is infantile, you don't expect anything different from what is happening now. #kickAPCout. 89 Likes 7 Shares |
Re: Nigerians Are Getting Poorer, Says IMF by orisa37: 5:21am On Mar 01, 2018 |
Because Nigeria's Resources are diverted to uneconomic sources, to fight Bokoharam and to protract the menace of Fulani Herdsmen. 7 Likes 3 Shares |
Re: Nigerians Are Getting Poorer, Says IMF by bonechamberlain(m): 5:22am On Mar 01, 2018 |
Nigerians are getting poorer under buhari. 29 Likes 5 Shares |
Re: Nigerians Are Getting Poorer, Says IMF by freeze001(f): 5:40am On Mar 01, 2018 |
They will soon as come n start spewing their fake figures everywhere. They will claim recovery from recession and stable naira that they destroyed in the first place due to this economic ineptitude IMF is talking about. Some zombies will still come n say it's lazy people or opportunists that are not making money or that are getting poorer in this regime. This is all so disgusting! 60 Likes 6 Shares |
Re: Nigerians Are Getting Poorer, Says IMF by engrsyer(m): 5:49am On Mar 01, 2018 |
Indeed we are getting poorer every second. How many of you can use #5 to buy something in your area? Here in Rivers State, #5 can not buy even the cheapest sweet/chewing gum. Pure(sachet) water has been #10/sac in ages. So tell me what can that buy. My salary has never been satisfactory since inception of this administration. Which way Nigeria? 40 Likes 5 Shares |
Re: Nigerians Are Getting Poorer, Says IMF by Okoroawusa: 5:56am On Mar 01, 2018 |
Where is the"Nigerians are getting poorer" in what we just read? 1 Like |
Re: Nigerians Are Getting Poorer, Says IMF by Nogodye(m): 6:10am On Mar 01, 2018 |
While some are getting rich everyday... 4 Likes |
Re: Nigerians Are Getting Poorer, Says IMF by horsepower101: 6:11am On Mar 01, 2018 |
Wait till the value of oil drops then Nigerians will understand what real poverty is. It is then we will be able to separate the men from the boys. 8 Likes 2 Shares |
Re: Nigerians Are Getting Poorer, Says IMF by okosodo: 6:20am On Mar 01, 2018 |
Buhari remains the greatest mistake nigerians have made. We will have patience for the person that will take over from him to remove nigeria from backward mode. Real patience 40 Likes 3 Shares |
Re: Nigerians Are Getting Poorer, Says IMF by gratiaeo(m): 6:30am On Mar 01, 2018 |
When you have dullard as a president Nigeria indeed is in trouble 10 Likes 1 Share
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Re: Nigerians Are Getting Poorer, Says IMF by BeeBeeOoh(m): 6:34am On Mar 01, 2018 |
Buhari is a punishment to Nigeria and Nigerians for not being able to see beyond their nostrils.. Amazing report 30 Likes 1 Share |
Re: Nigerians Are Getting Poorer, Says IMF by chinjo(m): 6:58am On Mar 01, 2018 |
Lai Mohammed will soon come out to say it is a lie. It is just their perception and nothing more. 9 Likes 2 Shares |
Re: Nigerians Are Getting Poorer, Says IMF by hisgrace090: 7:04am On Mar 01, 2018 |
Am tired! Nigeria on fast back word movement. 1 Like |
Re: Nigerians Are Getting Poorer, Says IMF by Omeokachie: 7:25am On Mar 01, 2018 |
They attacked TI, they will attack IMF also. 4 Likes |
Re: Nigerians Are Getting Poorer, Says IMF by EternalTruths: 7:44am On Mar 01, 2018 |
The Cursed Soul called Buhari is the one releasing the rain of poverty. 10 Likes 2 Shares |
Re: Nigerians Are Getting Poorer, Says IMF by Blue3k(m): 9:01am On Mar 01, 2018 |
The lender repeated its call for Nigeria to simplify its complex foreign exchange system, a bugbear for the IMF for more than a year , which has left large gaps between official rates and various windows that certain groups can use to get other rates . Nobody ready to fix thesecurrency issues. Nigeria ready to pump out cash to defend the naira and have multiple exchange rates for religious pilgrimage, industry, education etc. The entangled interest group want their benefits. The head of central bank already made this clear when ask about letting naira float. Front Page: lalasticlala 2 Likes 2 Shares |
Re: Nigerians Are Getting Poorer, Says IMF by Moreoffaith(m): 9:14am On Mar 01, 2018 |
On a daily basis. |
Re: Nigerians Are Getting Poorer, Says IMF by medolab90(m): 9:15am On Mar 01, 2018 |
Nigerians are getting poorer All thanks to buhari 2 Likes |
Re: Nigerians Are Getting Poorer, Says IMF by kolawoleibukun: 9:16am On Mar 01, 2018 |
Are the pastors included in this list? the idiort below is blaming poor man for making more kids than the rich as if he knows the number of kids that his president alone has. does he think that sex is limited to the poor? the rich have more sex and more women than the poor. what has the body of a poor man's wife have to do with the very bad state of our economy caused by bad leaders. are we not evil to blame the poor for the situation that was clearly caused by the rich men. is there a restriction on the number of kids that people should have? how can people be very senseless and unreasonable? 1 Like |
Re: Nigerians Are Getting Poorer, Says IMF by nely(m): 9:16am On Mar 01, 2018 |
Let the second round of blame game begin... Happy new month nairalanders, we can't kill ourselves for this government,abeg enjoy the month |
Re: Nigerians Are Getting Poorer, Says IMF by Godjone(m): 9:16am On Mar 01, 2018 |
THAT IS HOW LOW THIS COUNTRY HAVE SANK SINCE THIS RUDDERLESS GOVERNMENT CAME ON BOARD. BUHARI IS HIGHLY INCOMPETENT AND A FAILURE 8 Likes 1 Share |
Re: Nigerians Are Getting Poorer, Says IMF by rickyrex(m): 9:16am On Mar 01, 2018 |
ivandragon: 1 Like 1 Share |
Re: Nigerians Are Getting Poorer, Says IMF by Follysho777: 9:16am On Mar 01, 2018 |
...since time immemorial. No be today joor. |
Re: Nigerians Are Getting Poorer, Says IMF by rickyrex(m): 9:17am On Mar 01, 2018 |
ivandragon: 1 Like 1 Share |
Re: Nigerians Are Getting Poorer, Says IMF by AishaBuhari: 9:17am On Mar 01, 2018 |
What you expect when 99% of Nigeria's affairs is controlled by the North. The future of Nigeria is bleaked Okoroawusa: You need to change your ways mister - Nigeria has gone to the dogs! You may feel that all is well around you today but what about tomorrow? Do you ever think of your unborn children's future or Nigeria's future at large? kolawoleibukun:You're obsessed with men of God! If I may ask, who controls the economy of Nigeria? Foreign Exchange? Who changes dollars, pounds, euros for you at bogobiri? 4 Likes 2 Shares |
Re: Nigerians Are Getting Poorer, Says IMF by Philinho(m): 9:18am On Mar 01, 2018 |
No....the dullard said he is digging it out. 4 Likes |
Re: Nigerians Are Getting Poorer, Says IMF by HeyCorleone(m): 9:18am On Mar 01, 2018 |
Of a truth this is quite disheartening. What makes it all the more scary is that the future isn't any brighter. 5 Likes |
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