Read Lagarde’s Prediction On Nigeria’s Economy In 2016

The Managing Director of the International Monetary Fund (IMF), Ms. Christine Lagarde, has predicted that the Nigerian economy will recover marginally in 2016, notwithstanding low oil prices.

Lagarde, in a statement posted on the fund’s website yesterday at the conclusion of her visit to Nigeria, said Nigeria experienced a decade of strong growth, averaging 6.8 per cent a year, “in 2015, however, growth is expected to slow to about 3 1/4 per cent, with a slight recovery in 2016”.

She stated that her visit to Nigeria was extremely fruitful and informative and thanked President Muhammadu Buhari for meeting with her to discuss Nigeria’s achievements and its outlook.

She also thanked the Finance Minister, Mrs. Kemi Adeosun, and Governor Godwin Emefiele of the Central Bank of Nigeria (CBN) for “their insights. In addition, I had the honour to address members of the National Assembly, chaired by Senator Bukola Saraki”.

On the Nigerian economy, she added: “Nigeria is the largest economy in aub-Saharan Africa, with the largest population, and its important role at the regional level has become increasingly recognized.

“The economy is well diversified, no longer dominated by agriculture and oil, with services accounting for almost half of GDP, including a significant home-grown film industry and innovative startups from fashion to software development.

“Nigeria has also experienced a decade of strong growth, averaging 6.8 per cent a year. 1n 2015, however, growth is expected to slow to about 3 1/4 per cent, with a slight recovery in 2016.”

She said during her meetings with the authorities, discussions focused on how to maintain economic progress while making the transition towards more inclusive and sustainable growth.

Credit: ThisDay

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