Economics
IMF Says Nigeria Growing Too Slowly, Urges Single Naira Rate
- Economy isn’t expanding fast enough to cut poverty, IMF says
- Priority must be to boost revenue, IMF mission chief Mati says
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The International Monetary Fund said Nigeria’s economy was growing too slowly to reduce poverty or joblessness and urged the government to boost revenue and scrap its system of multiple exchange rates.
“Growth is not enough,” Amine Mati, the IMF’s mission chief for Nigeria, said in an interview in Lagos on Wednesday as the Washington-based lender released its latest Article IV report for Africa’s biggest oil producer. “Our number-one recommendation is to get the revenue ratio up.”