Oil Economy Focus Rapid Review
Nigeria’s economy is exiting a painful recession, but policy implementation needs to move quickly and comprehensively to facilitate economic recovery and help the country reap its longer-term potential, says the IMF in its latest economic health check of sub-Saharan Africa’s largest economy. Growth in Nigeria recovered to 0.8 percent in 2017 after a historic collapse in oil prices – exacerbated by falling oil production and inadequate policies – took a major toll on the economy. The recent rise in oil prices is supporting the recovery, but more needs to be done to reduce unemployment and address poverty.
LINK TO THE SOURCE ARTICLE: IMF: Nigeria is out of recession and looking beyond oil
