Nigeria’s economy is stagnant – IMF - Welcome to Uju Ayalogu's Blog

Breaking News

Post Top Ad

Friday, 13 October 2017

Nigeria’s economy is stagnant – IMF

Nigeria’s economy is stagnant – IMF

The managing director of the International Monetary Fund, Christine Lagarde has passed a damning verdict on the economy of some West African nations, including Nigeria.

According to her, the economy is not growing at the same rate as its population.

She made this statement while addressing the press at the ongoing International Monetary Fund annual meetings holding in Washington.

“Sub Saharan Africa (which Nigeria is a part of) is one region of the world where growth is way suboptimal. Those countries 2.5 percent. That is too low for the demographic expansion of the region.

READ ALSO :  Fayose promises new cars for his released Commissioner, AG

“There are different countries if we are to look Rwanda it is a different situation from that of Togo and Ghana is going to be different from Mozambique and so on.

“It is still too low for the demographic growth. For that region to take advantage of the demographic dividend of all the young people who are coming up and trying to have access to the economy and have a job, it is too low.”

Lagarde said the organisation would engage commodity-dependent countries on building up their buffers as such countries are not faring as well as countries with diversified economies.

“We are engaging them in the direction of stabilising; for those that are doing well, build up their buffers and more importantly, diversify the sources of their economic growth.

READ ALSO :  South African President, Jacob Zuma  commences  a 2-Day Visit to Imo State

“What we observed is that those that are heavily commodity dependent are faring less well than those that are well diversified.”

She said the best way to reduce inequality within a population is to reduce the gender gap between men and women, not making the rich pay more taxes.

READ ALSO :  We Recovered Bombs, Other Weapons From Nnamdi Kanu's House - Police

Are you an artiste? Do you want your music to go viral and reach a large number of audience? Promote your music and Submit your story  on Ujuayalogusblog.com by clicking here. For Advert Inquiries Tel/+44(0)7590363984 Subscribe to Ujuayalogusblog.com News!

ALL RIGHTS RESERVED. 2015-2017 @ Uju Ayalogu's Blog NIGERIAN NEWS

For More:  Visit Us at Uju Ayalogu's Blog

Share This

No comments:

Post a Comment

Post Bottom Ad

Pages