The International Monetary Fund (IMF), says achieving Nigeria’s projected 3.1 per cent economic growth outlook for 2024 is dependent on implementation of stronger reforms.
Dr Christian Ebeke, IMF Resident Representative, said this at the Lagos Chamber of Commerce and Industry (LCCI) International Business Conference and Expo 2024 with the theme: “Invest Nigeria”, on Tuesday in Lagos.
Ebeke said that for the country to grow slightly from the 2.9 per cent rate of 2023, further reforms on governance and business regulations were needed.
He said that such reforms would transform its growth momentum into something more durable.
He, however, said that the country had recorded progress in its credit market, as well as financial and external sectors.
“Insecurity, tight financial conditions, multiple taxes, insufficient power and corruption are foremost constraints identified by businesses.
“What comforts the IMF is that these issues can be addressed by the Nigerian government, and they are currently being addressed through reforms by the Federal Government.
“And we are encouraged by the fact that these issues can be reversed,” he said.
He said that Nigeria should close the structural gaps like India, by reducing governance and business regulation bottlenecks by 25 per cent.
According to him, if that is done, the Gross Domestic Product (GDP) output can be lifted by 6.4 per cent in the next three years.
