It is no longer news that the Nigerian economy slipped into recession in 2016 and since then, it has struggled with balancing the economy vis a vis cushioning the impact of the situation on its people. Encouragingly, from 0.7% earlier forecasted this year, the Nigerian economy has been projected to now have a higher chances of growing at 1.9% by 2018.
The International Monetary Fund (IMF) disclosed this in its regional economic outlook report titled: “Sub Saharan Africa: Restarting the Growth Engine” The report was released on 9th of May, 2017 in Nigeria’s capital – Abuja.
Spotting on Sub-Sahara Africa’s economic growth, the fund projects a 2.6% slight recovery this year after more than a two-decade low in 2016. Tracing the continued weak momentum experienced in the regions of the continent to the suffering of many countries in “very substantial commodity price shock”, the report discloses that sub-Saharan Africa’s growth will continue to fall well short of past trends of 5-6 percent, and barely exceed population growth, especially in countries dependent on crude oil.
The IMF however assures that the economy of the continent will grow and stabilize if strong decisions and sound domestic measures are taken by each country.