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Saturday, June 15, 2024

Nigeria: IMF Workers Completes 2024 Article IV Mission to Nigeria

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Finish-of-Mission press releases embrace statements of IMF employees groups that convey preliminary findings after a go to to a rustic. The views expressed on this assertion are these of the IMF employees and don’t essentially characterize the views of the IMF’s Government Board. Based mostly on the preliminary findings of this mission, employees will put together a report that, topic to administration approval, will likely be offered to the IMF’s Government Board for dialogue and resolution.

An Worldwide Financial Fund crew, led by Axel Schimmelpfennig, IMF mission chief for Nigeria, visited Lagos and Abuja February 12-23, 2024, to carry discussions for the 2024 Article IV Consultations with Nigeria. The crew met with Minister of Finance Edun, Central Financial institution of Nigeria Governor Cardoso, senior authorities and central financial institution officers, the Ministry of Agriculture, the Ministry of the Setting, in addition to representatives from sub-nationals, the non-public sector and civil society. On the finish of the go to, Mr. Axel Schimmelpfennig, issued the next assertion:

“Nigeria’s financial outlook is difficult. Financial development strengthened within the fourth quarter, with GDP development reaching 2.8 % in 2023. This falls barely in need of inhabitants development dynamics. Improved oil manufacturing and an anticipated higher harvest within the second half of the yr are optimistic for 2024 GDP development, which is projected to succeed in 3.2 %, though excessive inflation, naira weak point, and coverage tightening will present headwinds.

“With about 8 % of Nigerians deemed meals insecure, addressing rising meals insecurity is the quick coverage precedence. On this regard, employees welcomed the authorities’ approval of an efficient and well-targeted social safety system. The crew additionally welcomed the federal government’s launch of grains, seeds, and fertilizers, in addition to Nigeria’s introduction of dry-season farming.