The International Monetary Fund has projected that Nigeria’s economic growth will decline in 2023 and 2024 due to security issues in the oil sector.

It stated that the country’s economy would grow at 3.2 per cent in 2023, before declining to 3.0 per cent in 2024.

The IMF disclosed this in its latest ‘World Economic Outlook Update: Near-Term Resilience, Persistent Challenges (July 2023)’ report.

Nigeria’s growth is below projections for the Sub-Saharan African region which is expected to grow by 3.5 per cent in 2023 and 4.1 per cent in 2024, according to the report.

inoki247:
Is like IMF are on drugs after telling us to remove Subsidy remove this and that we don remove now they're still yarning jargons...

inoki247:
Is like IMF are on drugs after telling us to remove Subsidy remove this and that we don remove now they're still yarning jargons...

TheBillyonaire:
IMF does not have any other job than to be monitoring Nigeria.

What a spy network.

helinues:
Thank you IMF, we are aware that's why the new government has already taken some measures to grow the economy.

Reduce in cost of governance and generating new income locally without borrowing from you IMF

Again , thanks for your concern

SmartPolician:


IMF monitors the economy of all countries that come to it to borrow money.

If na you, you no go monitor am?

4Play:


Removing subsidy should have long-term positive impacts but will be painful in the short-term. Personally, I would have preferred a gradual phasing out of subsidy but it's better to remove it than to leave it in place.

Racoon:
After deceiving emulokan to take their slaverish and disastrous SAP-like economic policies including the economic disaster of a 8k palliative handout peanuts, they are not turning around to condemn it. The impulsive things is to remove subsidy with economic wisdom and not as a media frenzy propaganda.

nedu666:


Define short and long term using number of years

TheBillyonaire:
IMF does not have any other job than to be monitoring Nigeria.

What a spy network.

TheBillyonaire:


They monitor every economy now, not just those that seek lending, boy.

Spying for the highest bidder.

4Play:


I will say around 10 years.

After the initial shock of a change in the price level of petrol, future changes will happen at a slower rate so living standards will adjust better. In the meantime, the money used in subsidizing petrol will be put to better use even if some of it is embezzled which happens with subsidy money anyway.

I would have preferred that the removal is done gradually to mitigate the impact on Nigerians but better it be removed than not all.

4Play:


Removing subsidy should have long-term positive impacts but will be painful in the short-term. Personally, I would have preferred a gradual phasing out of subsidy but it's better to remove it than to leave it in place.

festacman:
Apart from taxes imposed and subsidies removed to free up money for his government's use, President Tinubu, so far, has done nothing in terms of program to improve the real growth of the economy. Nothing!

TheBillyonaire:
IMF does not have any other job than to be monitoring Nigeria.

What a spy network.

4Play:


https://punchng.com/insecurity-will-slow-nigerias-growth-says-imf/

seunmsg:


We’ve been doing phase removal of subsidy since 1999 and we never got to remove it fully until Tinubu came in. The problem with removing subsidy is not whether it should be gradual or at once but our willingness to allow market forces determine the price.

Labour fully accepted the removal of subsidy when price was moved to N537. Now that market forces have pushed the price above N600, they want to go on strike. Do we need anybody to explain to Labour leader that forcing government to bring down the price is a return to subsidy?

4Play:


Removing subsidy should have long-term positive impacts but will be painful in the short-term. Personally, I would have preferred a gradual phasing out of subsidy but it's better to remove it than to leave it in place.

4Play:


But now the government is considering costly palliatives and there is even talk of increasing public sector wages. If you are going to spend N500bn on palliatives, you might as well commit to spending only N500bn on subsidy.

You have to remember that the ultimate objective of economic policy is promoting economic prosperity. Market-determined prices are a means to an end, not the end in itself.

I suspect most African countries have market-determined fuel prices. But they have no prosperity.

The increase in inflation, at the same time that the currency is under pressure, will mean that most people will experience worsening poverty amplifying social instability and it will make it less likely that the government can follow through with more needed reforms because it's spent so much political capital for little apparent (to the average Nigerian) benefit.

Essenza01:


Its not better to remove it without reasoning, it's better to deal with corruption, protect your borders and build modular refineries before removal... all these can be achieved in 6mths..