SWITZERLAND, MAY 17 – Nigeria’s economy is recovering. That is the opening statement of the International Monetary Fund (IMF) Executive Board, 2019 Article IV Consultation with Nigeria, which the global finance body released in last month.
In the document, the IMF Executive Directors welcomed Nigeria’s ongoing economic recovery, accompanied by reduced inflation and strengthened reserve buffers. They noted, however, that the medium-term outlook remains muted, with risks tilted to the downside. In addition, long standing structural and policy challenges need to be tackled more decisively to reduce vulnerabilities, raise per capita growth, and bring down poverty.
The IMF Directors also supported the Federal Government’s intention to accelerate implementation of its Economic Recovery and Growth Plan(ERGP), which the Vice President, Yemi Osinbajo has touted as a masterstroke of genius.
According to the IMF, real Gross Domestic Product (GDP) increased by 1.9 percent in 2018, up from 0.8 percent in 2017.The GDP is therefore, projected to increase by 2.1 percent in 2019 and 2.5 percent in 2020. This is not enough, but it reflects a measure of progress.
Nevertheless, progress cannot be real unless it is felt by the common man on the street. The Nigerian economy is just emerging from a recession and the economy is gradually improving. But what does this mean for the average Nigerian.
Today’s Echo went to the streets to find out what Nigerians think about the country’s assumed economic growth.
Watch video below: